Equity benchmarks around the world have recouped their losses in a roller-coaster six-week stretch since the acceleration of US President Donald Trump’s tariff offensive, Bloomberg reports.

The recovery comes after the US and China, as a result of negotiations in Geneva on May 10-11, agreed to mutually reduce tariffs for 90 days, during which the two parties will continue negotiations to resolve their trade policy differences.

The temporary trade truce between the US and China boosted dozens of benchmarks, and helped some including the S&P 500 to exceed their levels from before the tariffs were proposed on April 2. Gauges from countries that bore the brunt of the president’s threats—like those in Hong Kong, China, and Canada—have risen back above their early-April levels

The UK and French benchmarks are one step away from a full recovery.

Long and detailed negotiations are expected, but the market seems happy that a catastrophe did not happen, Thomas Martin, a manager at Globalt Investments, told Bloomberg.