Stocks surged across the board Monday as the U.S. and China’s trade war deescalated significantly, and the most valuable American companies largely slumping from the Beijing vs. Washington standoff roared back to life.
Read the full story on Forbes: https://www.forbes.com/sites/siladityaray/2025/05/12/us-and-china-agree-to-roll-back-most-tariffs-for-90-days-as-negotiations-continue/
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Read the full story on Forbes: https://www.forbes.com/sites/siladityaray/2025/05/12/us-and-china-agree-to-roll-back-most-tariffs-for-90-days-as-negotiations-continue/
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NewsTranscript
00:00The U.S. and China on Monday announced they would significantly cut back tariffs placed
00:04on each other's goods for at least 90 days as both sides plan to continue negotiations
00:08on a trade deal, triggering a major surge in U.S. stock futures and global markets.
00:13This weekend's talks between Washington and Beijing officials in Geneva culminated in
00:17both countries cutting their tariffs for at least the next 90 days, with the U.S. slashing
00:22its duties on Chinese goods from 145% to 30%, and China cutting its levies on U.S. goods
00:28from 125% to 10%.
00:30U.S. stock futures and Chinese markets rallied after the U.S.-China tariff thaw announcement,
00:36leading the charge were the tech behemoths perhaps most reliant on a symbiotic relationship
00:40with the U.S. and China, as shares of Amazon, Apple, Nvidia, and Tesla all outperformed the
00:46broader market.
00:47Also rallying were the stocks of fellow Magnificent Seven constituents Alphabet, Meta, and Microsoft.
00:52In total, the Magnificent Seven stocks added $670 billion in market capitalization Monday
00:59morning.
01:00The Hang Seng Index climbed 3.02% and the Shanghai Composite Index jumped 0.82%, recovering losses
01:08since Trump's prior tariff announcement.
01:11U.S. Trade Representative Jameson Greer noted that the rollback does not cover, quote,
01:14any sector-specific tariffs imposed globally, so some Chinese goods would still face a higher levy.
01:21China also agreed to roll back some of the non-tariff measures it implemented in retaliation
01:26to U.S. tariffs, details for which are pending, but could include a rollback on certain rare
01:31earth export restrictions.
01:34For more on these stories, check out Derek Saul and Saladita Ray's articles linked in the description.