Investors had seemed to put President Donald Trump’s global trade war mostly behind them until last Friday, when a

Truth Social post warning of a massive tariff increase on Chinese goods caused billions of dollars in stocks and cryptocurrency positions to evaporate.

One session later, calm has largely been restored to financial markets, following a weekend update in which Trump assured the public that there was no reason to worry about China. There were some reassurances from the Chinese side, too: The Ministry of Commerce issued a statement explaining that the export controls on rare-earth metals announced last week weren’t a complete ban, and that licenses would be granted for eligible applications.