U.S., China slash tariffs for 90 days in trade deal

The U.S. and China will slash their tariffs on each other for 90 days, Treasury Secretary Scott Bessent said Monday.Why it matters: It's the relief global businesses and investors hoped for, after the trade war brought commerce to a near-halt and sent economies hurtling toward recession.How it works: The U.S. will lower tariffs to 30% during the pause, while China will cut its tariffs to 10%, Bessent said following a weekend of high-level talks in Switzerland. (Both sides agreed to a 115% cut, though the U.S. rate was higher to begin with.)"We had very robust discussions, Both sides showed great respect to what was a very positive process," Bessent told reporters in Geneva. A joint statement issued by the world's two largest economies indicated they intend to hold continued talks during the period. By the numbers: Stocks soared, with S&P 500 futures up more than 3% on the news.The U.S. Dollar Index, under heavy pressure in recent weeks over fears about the economy and concerns about America as a safe haven for investment, surged more than 1%.But bonds sank on the news, with the U.S. 10-year yield rising to 4.445%, its highest levels since the post-tariff market sell-off in early April.What to watch: Businesses and markets will closely watch the evolution of the talks in coming months for signs of progress.The pause could also inspire a surge in ordering activity, as businesses that held off due to the high tariffs rush to restock inventory — a rebound that some warn could cause a disruptive demand shock.Editor's note: This story has been updated with the latest market activity and further context.

Comments

World news

Korean conservatives choose unpopular candidate for June 3 presidential election

washington times

France blasts Russian 'fake news' after Macron is accused of 'hiding cocaine' in photo op with Starmer - as truth behind it is revealed

about 2 hours ago

Dailymail

Virginia Giuffre 'was 'extremely distressed' about losing her multi-million pound Prince Andrew payout two weeks before her suicide'

about 2 hours ago

Dailymail

Fears huge number of women were gang-raped 'by fake gynaecologist, 71, and film producer who lured victims to bogus medical examinations which they filmed and uploaded to porn sites'

about 2 hours ago

British soldiers will be sent to fight Russia alongside EU troops under a landmark new pact

Dailymail

Comments

Similar News

The U.S. and China announce a deal to cut tariffs, temporarily easing trade war

Trump Wants Saudi Arabia to Invest $1 Trillion in the U.S.

The U.S. and Europe are working through a ‘marriage crisis’

Trump administration fires top U.S. copyright official in Library of Congress overhaul

U.S. halts cattle imports from Mexico, citing fears of flesh-eating maggot

U.S. and China cite progress in trade talks but release few details

Hamas says it will release U.S. hostage Edan Alexander from Gaza

What to know about screwworm threats, as U.S. suspends cattle imports from Mexico

Monday Briefing: U.S.-China Talks

White South Africans Granted Refugee Status by Trump Leave for U.S.

USIP closure reduces U.S. soft power abroad, former staffers say

Listeria outbreak which hospitalized 10 people in the U.S. linked to prepared foods

U.S., China say positive trade news coming Monday

'Beacon of freedom' dims as U.S. initiatives that promote democracy abroad wither under Trump

From the left and right, U.S. Catholics hope new pope fulfills their hopes

The U.S. has a plan for getting food into Gaza. Top aid groups object to the idea

U.S. and China hold 2nd day of tariff talks. No breakthroughs but Trump touts 'great progress'

Iran and the U.S. conclude a 4th round of negotiations over Tehran's nuclear program in Oman

Trump’s tariffs on Canada may stay, but stronger ties possible: U.S. envoy

U.S. reportedly plans to photograph people leaving the country by vehicle at border crossings

World news

Korean conservatives choose unpopular candidate for June 3 presidential election

Hamas says it will release American-Israeli hostage Edan Alexander on Monday

After days of heavy firefights, calm reported along Indian and Pakistan borders

Global markets rally after U.S. and China cool trade tensions

Dark side of European resort dubbed 'Maldives' now a favourite with Brits exposed

Panic in Majorca as expats snub island in holiday home crisis

Poland pins blame on Russia over devastating shopping centre fire as WW3 fears erupt

‘I’m a travel expert these 3 spots offers an authentic Italian experience and less crowds'

Russian commanders 'forcing soldiers refusing to go into battle to fight to death in pits'

'I'm Alcatraz's last living inmate - here's what I think of Trump's plan to reopen it'

Paris fire latest as smoke seen for miles after 'explosions'

Trump claims credit for new American Pope Leo’s election - despite having nothing to do with Conclave

FTSE 100 lags behind Europe in stock markets’ response to US-China trade deal announcement

Pope Leo’s brother shares clip calling Pelosi a ‘drunk c***’ and scolds Dems for having ‘Trump derangement syndrome’

Taiwan test fires US supplied rocket for the first time amid tension with China

Will Zelensky empty-chair Putin in Turkey after calling his bluff on peace talks?

Trump - live updates: President’s plan to accept ‘palace in sky’ Qatari plane facing Maga backlash

Macron rubbishes cocaine train claims: ‘Fake news spread by France’s enemies’

US-China strike temporary trade truce. Could it be a turning point in Trump-Xi economic war?

Which countries don’t compete in Eurovision? Israel prepares for semi-finals amid mounting protests

India claims its strikes inside Pakistan territory last week killed over 100 militants

A timeline of the rise and fall of French movie star Gérard Depardieu

Australian prime minister names new Cabinet that drops Israel critic

Poland orders closure of Russian consulate in Krakow, citing arson attack blamed on Moscow

Pope Leo XIV urges release of imprisoned journalists, affirms gift of free speech and press

Museum opens at former Czech Republic factory where Oskar Schindler saved 1,200 Jews

2 small children die in Mediterranean migration voyage, charity says

Iran and US conclude a fourth round of negotiations over Tehran's nuclear program in Oman

Argentina’s Supreme Court finds archives linked to the Nazi regime

Expired ammunition explodes during disposal in Indonesia, killing 13 people

Virginia Giuffre’s lawyer never thought Epstein accuser would take her own life

You’ve found a lost relative. Now what?

Trump is hoping to quietly gut the social safety net

Why Trump blinked in US-China trade war

Tackling outdoor cleaning jobs for spring is easier than you think!

Road Woes: Jets still winless on road in playoffs after 5-2 loss to Stars in Game 3

U.S., China call 90-day truce on trade war, agree to lower tariff rates

Trump looks to cut drug prices to match other countries with new order

India, Pakistan report no fighting overnight amid ceasefire

New Turkiye peace deal will see PKK Kurdish militant group disband

Brit, 18, fighting for life after falling from third-floor Ibiza apartment

Moment chaos breaks out on flight as passenger opens emergency exit 'to get some air'

Beyoncé Cowboy Carter tour reviews call concerts 'masterwork' and 'powerful'

Shocking moment Australian tourist brutally knocks out reveller during brawl with Brits in notorious Thai resort

Benidorm bar is branded 'idiotic' for slapping group of 15 Brits across the face as they down shots

Horror as bodybuilder, 30, collapses and dies during competition

English Channel migrant boat blaze leaves one dead and seven injured when motor catches fire during crossing

The truth behind photo of Volodymyr Zelensky as people think he 'wore his trousers backwards'

France blasts Russian 'fake news' after Macron is accused of 'hiding cocaine' in photo op with Starmer - as truth behind it is revealed

Virginia Giuffre 'was 'extremely distressed' about losing her multi-million pound Prince Andrew payout two weeks before her suicide'

Fears huge number of women were gang-raped 'by fake gynaecologist, 71, and film producer who lured victims to bogus medical examinations which they filmed and uploaded to porn sites'

British soldiers will be sent to fight Russia alongside EU troops under a landmark new pact

Brit, 18, is fighting for life after falling from third-floor apartment in Ibiza

Secret Epstein footage that could show Prince Andrew and Virginia Giuffre is set to be released in the US

Incredible photos reveal 'haunting remains' of abandoned European airport frozen in time

Tourist who vanished for 3 days in Thailand found dead floating in underwear off beach

British tourist fighting for life after freak accident at Greek holiday hotspot