Global markets were lifted after the US and China substantially reduced tariffs imposed as part of a trade war between the world’s two largest economies.

The U.S. and China had lengthy conversations on trade in Switzerland. WSJ’s Brian Schwartz reports from Geneva and explains what happened at the meeting site.

Senior U.S. and Chinese officials met again on Sunday in Geneva, two sources familiar with the situation told Reuters, to resume weekend talks aimed at cooling the trade war that threatens to seriously damage the global economy.