Market Performance - US stock markets experienced a significant rally, with the Dow Jones Industrial Average rising over 1000 points, an increase of 2.79%, and the Nasdaq Composite gaining over 4% [2][3] - Chinese concept stocks also performed strongly, with the Nasdaq China Golden Dragon Index increasing by over 4% [1][3] Economic Commentary - US President Trump acknowledged that the 145% tariffs on China are high, indicating that tariffs will significantly decrease after a trade agreement is reached, but will not drop to zero [1][6] - US Treasury Secretary Scott Bessent stated that the current situation resembles a trade embargo, emphasizing that the US does not aim to decouple from China and that a comprehensive agreement could be reached within two to three years [1][6] International Financial System Insights - Bessent highlighted the imbalances in the international economic system, attributing the US's long-term trade deficits to policies from other countries that have harmed US manufacturing and disrupted supply chains [8][9] - He criticized the IMF for focusing too much on non-core issues like climate change and social problems, suggesting it should return to its primary mission of promoting international monetary cooperation and balanced trade growth [9] Recommendations for Financial Institutions - Bessent proposed that the World Bank should refocus on its original mission of aiding economic development and poverty reduction in developing countries, suggesting a "graduation policy" to stop lending to countries that have met certain standards [9]