Stock markets rise as Trump says he will reduce tariffs on China ‘substantially’

US president also says he has ‘no intention’ of firing chair of American central bank Jay Powell

Stock markets have risen around the world after Donald Trump said his tariffs on China would come down “substantially” and he had “no intention” of firing the chair of the American central bank Jay Powell.

The president told reporters in Washington on Tuesday he plannned to be “very nice” to China in trade talks and that tariffs could drop in both countries if they can reach a deal, adding: “It will come down substantially, but it won’t be zero.”