$BTC BTC, ETH, Altcoins Spike as US and China Announce Temporary Tariff Cuts
The agreement, delivered via a joint statement in Geneva, provides a 90-day window for both countries to negotiate further economic cooperation.
Crypto markets rallied sharply on Monday after the United States and China announced an agreement to temporarily reduce tariffs on each other’s goods, signaling a cooling of trade tensions.
The agreement, delivered via a joint statement in Geneva, provides a 90-day window for both countries to negotiate further economic cooperation, according to Bloomberg.
According to the deal, the U.S. will lower tariffs on Chinese imports from 145% to 30%, while China will reduce duties on American goods from 125% to 10%.
Global Markets, Crypto Surge on News
The news sparked immediate reactions across global markets.
The Hang Seng Index climbed 2.7%, while the Hang Seng Tech Index jumped 4.5%, reversing losses from the April 2 tariff escalation.
The Bloomberg Dollar Spot Index also rose 0.3% as the U.S. dollar strengthened against the euro and yen