The easing of the trade war between the United States and China comes after both sides agreed to suspend mutual tariffs for 90 days. This agreement aims to calm trade tensions between the world's two largest economies and gives them additional time to resolve their disputes.
- Key points of the agreement:
- Reduction of U.S. tariffs*: from 145% to 30% on most Chinese imports.
- Reduction of Chinese tariffs*: from 125% to 10% on American goods.
- Establishment of a trade consultation mechanism*: to continue discussions on economic and trade relations between the two countries.
This agreement led to a rise in oil prices by more than 3% due to optimism about the potential support for the global economy and increased demand for oil. Hong Kong stock prices also rose by more than 3% after the announcement.