China, U.S. Trade Representative
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U.S. stocks climbed Monday after Treasury Secretary Bessent touted substantial progress on talks with the Chinese setting up a busy week of trade talks as President Trump heads to the Middle East. In economic and earnings news,
China and the United States announced a truce in their trade war on Monday after talks in Geneva that will roll back the bulk of tariffs and other countermeasures by Wednesday. The United States is dropping the extra tariffs it imposed on China this year to 30% from 145%,
Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer told reporters that more details would be provided on Monday.
The agreement was cheered in Beijing as vindication for Xi Jinping and his defiant response to President Trump’s trade war.
The move by the United States and China to reduce import tariffs on each other and negotiate has been broadly welcomed by markets, but the de-escalation will do very little to restore the trade in energy commodities.