Global Stocks Soar After US, China Agree to Temporarily Slash Tariffs

Global stocks soared in early trading on Monday after the US and China agreed to slash tariffs on each other’s goods for 90 days.

The BBC is reporting that this is a major de-escalation in the trade war between the world’s two biggest economies.

US Treasury Secretary Scott Bessent says both sides will cut tariffs by 115 per cent from Wednesday, after trade talks in Geneva at the weekend.

It means US tariffs on Chinese imports will fall to 30 per cent, while Chinese tariffs on US goods will fall to 10-percent.

It’s a bigger cut than expected by analysts, but 30 per cent is still a high tariff.