A joint American-Chinese statement announced on Monday that the two largest economies in the world have agreed to suspend part of the tariffs between them for 90 days, with this new agreement set to take effect by May 14 of this year. U.S. Treasury Secretary Scott Pient noted to reporters after his talks with Chinese officials in Geneva that the agreement also includes a reduction of counter-tariffs by 115 percent. Following the announcement of this serious agreement, oil prices rose by more than 3%, and Hong Kong stock exchange shares also increased by the same percentage.#TradeWarEases