Markets rally after Washington and Beijing agree to drastically cut reciprocal tariffs as US treasury secretary says ‘neither side wants a decoupling’

• Analysis: Trump might claim victory – but this is Capitulation Day

Donald Trump hailed a “total reset” in relations between China and the US after the countries agreed a 90-day pause to the deepening trade war that has threatened to upend the global economy, with tariffs to be lowered by 115 percentage points.

“They’ve agreed to open up China,” the US president claimed at a press conference at the White House on Monday morning, having spent months escalating tensions with Beijing by ratcheting up tariffs on the country’s exports.

In joint statement, Xi Jinping and Vladimir Putin accuse ‘certain countries’ of trying to ‘tamper with the results of the victory of the second world war’

China and Russia pledged to further deepen their already “no limits” partnership in a joint statement published ahead of Russia’s military parade on Friday, as the two sides stressed the importance of maintaining the “correct view” of second world war history.

In a lengthy statement published during Xi Jinping’s visit to Moscow for the commemoration of the 80th anniversary of the end of the second world war, which Russia celebrates on 9 May as Victory Day, Xi and his Russian counterpart Vladimir Putin said “certain countries … are attempting to tamper with the results of the victory of the second world war”.

Chinese leader is scheduled to attend Victory Day parade and hold talks with Vladimir Putin

Xi Jinping arrived in Moscow on Wednesday for the start of a four-day visit during which he will attend Russia’s military parade commemorating the anniversary of the end of the second world war, known in Russia as Victory Day.

The Chinese leader’s trip has coincided with mass Ukrainian drone attacks on the Russian capital. Moscow’s mayor, Sergei Sobyanin, said Russia’s air defence units destroyed at least 19 Ukrainian drones overnight.

China’s vice-premier He Lifeng will meet US treasury secretary Scott Bessent in Switzerland between 9 and 12 May

China has vowed to “safeguard international fairness and justice” in upcoming talks with the United States in Switzerland, the first meeting between the two countries to discuss trade war that has roiled the global economy since US president Donald Trump unveiled sweeping tariffs last month.

China’s vice-premier He Lifeng will meet US treasury secretary Scott Bessent on the sidelines of meetings in Switzerland between 9 and 12 May. US trade representative Jamieson Greer will also attend.

Arrests are the first case of the city’s national security law being used to target the relatives of pro-democracy campaigners

Human rights groups have condemned the arrest of relatives of Anna Kwok, an exiled pro-democracy activist who is wanted by the Hong Kong police, in the first example of the city’s national security law being used to target the family members of an activist living overseas.

Kwok, 28, is the executive director of the Washington-based Hong Kong Democracy Council, and is one of 19 overseas activists wanted by the national security police, who are offering bounties of HK$1m (£97,000) for information leading to arrest.