The U.S. and China agreed to suspend most tariffs for 90 days following high-stakes weekend trade negotiations in Geneva, Switzerland over the weekend.
The details: The agreement will see both nations slash their tariffs from 125 percent to 10 percent during the three-month reprieve. A separate 20 percent tariff on China for its role in the fentanyl trade will remain in place.
- Treasury Secretary Scott Bessent said Sunday the talks led to “substantial progress,” and U.S. Trade Rep. Jamieson Greer added that the differences were “not as large as maybe thought.”
- China echoed the optimism, calling the pending joint statement “good news for the world.”
Markets react: U.S. stock futures surged, with the tech-heavy NASDAQ rising more than three percent. The dollar and bonds also jumped.
