U.S. and Chinese flags are seen before a meeting between senior defence officials from both countries at the Pentagon in Arlington, Virginia, U.S., Nov. 9, 2018. Photo by Reuters
The United States and China have agreed to drastically reduce their tit-for-tat tariffs for a 90-day period, they said in a joint statement after two days to trade talks in Geneva.
“We have reached an agreement on a 90-day pause,” U.S. Treasury Secretary Scott Bessent told reporters after the sides issued the statement, adding that “both side will move their tariffs down” 115 percentage points.
Hong Kong stocks jumped more than three percent Monday after the announcement.
The Hang Seng Index surged 3.34%, or 762.94 points, to 23,630.68.
