#NewsTrade The US and China have agreed to reduce tariffs on each other's goods for 90 days. Here's a breakdown of the agreement¹:

- *China's Tariff Reduction*: China will lower its tariffs on US goods to 10% from 125%.

- *US Tariff Reduction*: The US will lower its tariffs on Chinese goods to 30% from 145%.

This agreement has led to a risk-on wave in markets, with investors fleeing safe-haven assets like gold. The gold price has dropped over 3% and is heading towards $3,210. Other market reactions include:

- *Stock Market Surge*: Equities are surging, with Chinese stocks rallying over 1% and US futures outperforming with gains between 2.50% and 3%.

- *Oil Price Increase*: Oil prices are rocketing higher by more than 2% to $62.50 due to expected increased demand.

- *US Dollar Strength*: The US dollar is benefiting from the agreement, causing currency pairs like EUR/USD and GBP/USD to decline.

It's worth noting that this agreement is temporary and might not necessarily lead to a long-term resolution of the trade tensions between the two countries.