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The United States and China have come to an agreement to reduce tariffs for the next 90 days while maintaining stable trade with one another.
“Our goal is balanced trade, and the US will keep pushing for that,” noted U.S. Treasury Secretary Scott Bescent.
On May 12, the US and China announced a deal to mutually reduce tariffs for 90 days. After discussions with officials from the Chinese Communist Party in Geneva, Secretary Bescent informed the media that both parties agreed to a temporary halt on tariffs.
Recently, there had been tension between the two nations, with the US imposing a hefty 145% tariff on Chinese imports.
“Both nations represented their interests effectively,” Bescent added. “We really share an interest in achieving balanced trade. The US will progress in that direction.”
The Dow Jones experienced a surge of over 1,000 points following this news.
On Monday morning, the Trump administration saw a boost as China indicated it would temporarily lower its tariffs on goods from the US.
By the opening bell, the Dow Jones industrial average had climbed 2.6%, gaining over 1,000 points. The S&P 500 index saw a 3% rise, while the Nasdaq composite shot up by 4.1%.
The nuances of trading.
