American markets have already reacted to the radical decline of US and China’s tariffs by the authorities.
U.S. governments and China have joined a radical decrease in tariffs by 90 days. It was announced by the White House, which published a joint statement by the United States and China on Monday, May 12.
Thus, the United States temporarily reduces tariffs for Chinese goods from 145% to 30%, and China will reduce duties in American imports from 125% to 10%.
The parties also agreed to create a “mechanism for ongoing discussion of economic and trade relations” under the leadership of Deputy Prime Minister of China Hyu Lifen, finance minister Scott Immother and US trade representative Jamison Greire.
“These discussions may be held alternatively to China and the United States or the third country agreement of the parties. If necessary, the parties may consult a level of employment on the essential economic and trade issues,” the statement said.
Meanwhile, American markets have been reacting to the growth of this news: the S&P 500 futures increased by 2.8%, NASDAQ 100 – by 3.6%, DOW – by 2.3%.
On the eve of the U.S. finance minister Scott Iberty called negotiations to Chinese representatives in Switzerland, which took place last week. He noted the “meaningful development” that the parties achieved, and promised to report the details on Monday.
In this regard, the Chinese delegation described negotiations as “open, deep and constructive dialogue”, which also promises to publish details on Monday.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.