U.S. markets opened with big gains Wednesday after President Donald Trump said he would not attempt to fire the head of the Federal Reserve and Treasury Secretary Scott Bessent said he expects a “de-escalation” from unsustainable tariffs against China in the trade war between the world’s two largest economies.

Elon Musk, a top ally of President Donald Trump who oversees the U.S. DOGE Service, said Tuesday that he will continue to advocate for “lower tariffs rather than higher tariffs.” The statement, in a call with investors in Tesla,