US, China Slash Tariffs, Boost Tech Stocks

The United States and China have agreed to temporarily reduce tariffs on each other's goods for 90 days, lowering US tariffs on Chinese goods from 145% to 30% and Chinese tariffs on US goods from 125% to 10%. The move has led to a surge in global stock markets, with major tech companies like Tesla, Amazon, and Apple experiencing notable gains. The agreement follows high-level talks in Geneva and aims to de-escalate ongoing trade tensions, though a US 20% tariff on fentanyl-linked imports will remain. Leaders from both countries described the discussions as productive and the bilateral relationship as greatly improved. Economists note that while the deal is a positive step, it does not resolve core economic issues facing the US. The temporary deal allows for further negotiations in the coming weeks toward a comprehensive trade agreement.