The US and China have agreed to cut tariffs on each other by 115% after two days of talks on trade.
The United States and China said on Monday they have agreed on a deal to slash reciprocal tariffs as Washington and Beijing seek to end a trade war that has disrupted the global economy and set financial markets on edge.
Speaking after talks with Chinese officials in Geneva, U.S. Treasury Secretary Scott Bessent told reporters the two sides had reached a deal for a 90-day pause on measures and that reciprocal tariffs would come down by 115%.
Bessent says after “robust” discussions, the US and China have agreed on a 90-day pause on “reciprocal” tariffs, meaning both sides will reduce their tariffs by 115%.
China’s commerce ministry confirms the suspension of “all tariff countermeasures” taken against the US since 2 April, Reuters reports.
Stock markets surged after US Treasury Secretary Scott Bessent said neither Washington nor Beijing wanted to see a “decoupling” of relations.
It means the US will lower its 145% tariffs on China to 30pc %, while China will lower its 125% tariffs on American imports to 10.
The FTSE 100 jumped as much as 1pc at the start of trading while Hang Seng in Hong Kong jumped more than 3pc.
Wall Street stocks were also on track to open around 3pc higher.
