U.S.-China Trade Deal Reached
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China stocksReuters
•Business
Business & Economics
Instant View: US-China agree to cut tariffs, 90-day pause
75% Informative
U.S. and China say they have agreed on a 90-day pause on tariffs and reciprocal duties would drop sharply.
The two sides said reciprocal rates would drop by 115 percentage points.
Futures on the S&P 500 and Nasdaq jumped to trade up 2.8% and 3.5% from gains of 1.5-2% previously.
The dollar extended gains, with the euro down 1.2% at $ 1.1164 .
The two sides will spend months probably, to come up with a resolution, or reach a final trade deal, but this is a very good starting point.
Markets should rally on this, but we also need to keep in mind this is only a three-month temporary reduction of tariffs.
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