The U.S. and China issued a joint statement on Monday announcing an agreement to cut reciprocal tariffs for 90 days, sending stocks soaring amid hopes of an easing trade war between the world’s two largest economies.
Treasury Secretary Scott Bessent said the U.S. will drop tariffs to 30%, while China will reduce theirs to 10%—a breakthrough announced after weekend talks in Switzerland. President Trump is set to travel to the Middle East this week to pursue additional trade agreements.