US & China Agreed to Lower Tariffs to Revive Trade & Ease Tensions

In a promising move to relieve international tensions, both countries agreed to ease up on trade barriers affecting global commerce, supply chains and unstable prices...

In a surprising turn of events, on May 12, United States and China had agreed to reduce tariffs for the time being in an effort to ease trade tensions and stabilize global markets. The agreement, reached during high-level negotiations in Geneva, will see U.S. tariffs on Chinese imports drop from 145% to 30%, while China will lower its tariffs on U.S. goods from 125% to 10%. The reductions will last for 90 days, providing relief to industries affected by the ongoing trade war.

The announcement sent global stock markets soaring, with major indexes in China, Japan, and Europe closing higher. The S&P 500 surged 3.26%, nearly erasing its losses for the year. Analysts at Goldman Sachs and HSBC have adjusted their forecasts, predicting stronger economic growth and reduced recession risks…