WHAT IS GOING ON RIGHT NOW ?!!!!!🔥🔥🔥
The United States and China agreed Monday to drastically roll back tariffs on each other’s goods for an initial 90-day period, in a surprise breakthrough that has de-escalated a punishing trade war and buoyed global markets.
The announcement, which was made in a joint statement, comes after a weekend of marathon trade negotiations in Geneva, Switzerland by officials from the world’s two largest economies, during which both sides touted “substantial progress.”
Both sides recognize “the importance of a sustainable, long-term, and mutually beneficial economic and trade relationship,” they said in the statement.
Global investors are cheering a thaw in the trade war sparked by US President Donald Trump’s massive tariffs, which have roiled financial markets, disrupted supply chains and stoked recession fears.
Dow futures jumped more than 2%, while S&P 500 futures rose nearly 3%, and the tech-heavy Nasdaq Composite futures went up more than 3.5% during Asian afternoon trading. Asian markets were higher too, with Hong Kong’s Hang Seng index gaining more than 3%.
The mutual tariff revisions will be imposed by May 14. US President Donald Trump’s 20% fentanyl-related levies on China, imposed in February and March, will stay. However, each side has agreed to lower “reciprocal” tariffs on the other by 115 percentage points for 90 days.
SO THIS MEANS WE WILL BE GAINING A LOT OF PROFITS LADIES AND GENTLEMEN 🔥🔥🔥