US, China agree to reduce tariffs for 90 days: Joint statement

Stocks experienced a rally on Monday following “substantial” trade talks between Chinese and US officials, which resulted in a temporary reduction of tariffs for 90 days. This development has sparked optimism that the two nations may de-escalate their ongoing trade conflict, which has caused significant volatility in global markets since the imposition of hefty tariffs by President Trump in April. The recent negotiations in Geneva have shown signs of progress, alleviating fears of a potential global recession stemming from escalating trade tensions.

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