{"id":9441,"date":"2025-05-13T19:02:13","date_gmt":"2025-05-13T19:02:13","guid":{"rendered":"https:\/\/krogragg.com\/?p=9441"},"modified":"2025-05-13T19:02:13","modified_gmt":"2025-05-13T19:02:13","slug":"us-china-reach-landmark-deal-slash-tariffs-to-revive-global-economy","status":"publish","type":"post","link":"https:\/\/krogragg.com\/?p=9441","title":{"rendered":"US & China Reach Landmark Deal, Slash Tariffs To Revive Global Economy"},"content":{"rendered":"\n
US & China Reach Landmark Deal, Slash Tariffs To Revive Global Economy<\/div>\n

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The United States and China have agreed to reduce the high tariffs they had placed on each other\u2019s goods, giving the global economy a much-needed boost.<\/p>\n

The announcement came on Monday after intense weekend talks in Geneva, Switzerland. As part of the deal, both countries will roll back their trade tariffs for 90 days.<\/p>\n

The US will lower its tariffs on Chinese products from 145% to 30%. In return, China will cut its tariffs on US goods from 125% to 10%. These changes will come into effect on May 14.<\/p>\n

However, the US will still keep a 20% tariff on Chinese goods linked to fentanyl, due to ongoing concerns about the opioid crisis.<\/p>\n

In a joint statement, both countries said they aim to build a trade relationship that is \u201csustainable, long-term, and good for both sides.\u201d<\/p>\n

The announcement had an immediate impact on global financial markets. In the US, futures for the Dow Jones and S&P 500 rose by more than 2%, and Nasdaq futures shot up over 3.5%. Asian markets also responded positively, Hong Kong\u2019s Hang Seng Index climbed by 3%.<\/p>\n

Meanwhile, the US dollar strengthened and gold prices fell, showing that investors were feeling more confident. Along with reducing tariffs, China has agreed to stop several other actions it had taken against the US, including:<\/p>\n