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The US and China agreed to slash tariffs for 90 days as they work on a full deal.
U.S. Treasury Secretary Scott Bessent said, “We both have an interest in balanced trade, the U.S. will continue moving towards that.”
The United States and China said on May 12 they have agreed to a deal to slash reciprocal tariffs for 90 days.
Speaking after talks with officials from the Chinese communist regime in Geneva, U.S. Treasury Secretary Scott Bessent told reporters that the two sides had agreed on a 90 day pause on measures and that they will move their tariffs down.
Both economies have sought to end a trade war in which last month the United States slapped Beijing with a 145 percent tariff on Chinese goods, while the Chinese Communist Party hiked 125 percent levies on U.S. imports in retaliation.
“Both countries represented their national interest very well,” Bessent said.
“We both have an interest in balanced trade, the U.S. will continue moving towards that.”
The Dow Jones jumped over 1,000 points.
Stocks soared Monday morning after the Trump administration and China announced they would temporarily slash steep tariffs on each other’s goods.
The Dow Jones Industrial Average rose more than 1,000 points after the opening bell Monday, a 2.6 percent increase. The S&P 500 index was up 3 percent and the Nasdaq composite was up 4.1 percent.
Art of the deal.