The United States and China have agreed to a 90 day reduction in tariffs, significantly easing trade tensions and boosting global financial markets.
The U.S. will reduce tariffs on Chinese imports from 145% to 30%, while China will lower tariffs on U.S. goods from 125% to 10%.
This temporary truce, announced after negotiations in Geneva, aims to provide a window for further discussions toward a more comprehensive trade agreement.
The announcement has led to a surge in global stock markets, with the Dow Jones Industrial average rising by over 1,000 points and significant gains observed in the S&P 500 and Nasdaq indices.
Investors are optimistic that this development will alleviate supply chain disruptions and reduce inflationary pressures, offering a reprieve to businesses and consumers alike.
