US consumer confidence rebounded sharply in May from an almost five-year low as perceptions of the economy and labor market improved as the Trump administration backed down from more extreme tariffs and tariff threats.

For the first time in five months, consumers felt better about the economy in May. The shift comes after U.S. tariffs on China were relaxed, a survey by The Conference Board showed.

Komatsu should see a nearly 20 billion yen ($140 million) mitigation in the impact of U.S. tariffs on its bottom line after the U.S.-China trade truce last week, the Japanese company's CEO said, suggesting its outlook for lower profits may not be as bad as feared.