The US and China have agreed to lower tariffs for the next 90 days in a major de-escalation of the trade war between the world’s two largest economies.
As part of an agreement hammered out in Geneva over the weekend, the US will lower tariffs on Chinese goods to 30 per cent from 145 per cent and China will reduce duties on US imports to 10 per cent from 125 per cent.
Global stocks extended their gains after the announcement, with S&P 500 futures up 2.8 per cent.
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