With Wall Street embracing another rally, some financial markets are trading like Donald Trump’s “Liberation Day” shock never happened. The S&P 500 jumped 3.3%, and the Nasdaq 100 Index pushed back into a bull market.

Both sides are hailing the temporary reprieve, which will cut U.S. duties on Chinese goods to 30 percent, but analysts say underlying issues remain.

Top US officials involved in high-level trade negotiations with China emerged from two days of talks touting “substantial progress” and appearing to confirm that a deal between the two countries had been reached,