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This is the world in brief from The Economist.

Our top stories.

Donald Trump said he plans to speak to Xi Jinping, China's president, later this week,

after America and China agreed to sharply reduce tariffs for 90 days.

Markets surged on Monday, the SMP 500 rose more than 3% and the NASDAQ 4%.

But Mr Trump threatened a new front in the trade war, accusing the European Union of extorting drug makers

and saying it is in many ways nastier than

China. Meanwhile, White House officials announced an executive order aimed at lowering drug prices

by forcing pharmaceutical firms to match those paid in other countries. If they failed to comply within six months,

America may impose import restrictions or cap prices. Despite the threat, shares in Merck,

Pfizer and Gilead rose. Investors doubt the order's enforceability. Previous efforts have failed

in court.

India and Pakistan's army chiefs held talks after an American brokered ceasefire was agreed on Saturday, ending days of cross-border strikes.

India's Prime Minister Narendra Modi said India had proved its superiority while his Pakistani counterpart claimed

a historic victory. The fragile peace held on Monday, with no new shelling reported. India reopened

32 airports and markets in both countries rallied.

Vladimir Zelensky, Ukraine's president, asked Mr. Trump to attend peace talks in Turkey this week.

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