U.S. Treasury Secretary Scott Bessent hailed the progress made with China on tackling fentanyl at trade talks in Switzerland, saying Beijing is "now serious" about the issue. The talks also resulted in the suspension for 90 days of very high tariffs between the world's two largest economies,

The Treasury secretary cited progress and promised more details Monday. Beijing said the two sides agreed to start a formal negotiation process.

U.S. Treasury Secretary Scott Bessent testifies before a House Financial Services Committee hearing entitled "The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System,