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BREAKING: Stocks Surge as US & China Agree to Cut Tariffs for 90 Days

Name: BREAKING: Stocks Surge as US & China Agree to Cut Tariffs for 90 Days
Uploaded: 2025-05-12T09:21:11+00:00
Duration: 1 min 18 s
Channel: Anthony Cheung
Description: The US and China agreed to cut tariffs for 90 days: US duties on Chinese goods drop to 30% from 145%, Chinese duties on US imports fall to 10% from 125%…

12 May 2025 · 1 min

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The US and China agreed to cut tariffs for 90 days: US duties on Chinese goods drop to 30% from 145%, Chinese duties on US imports fall to 10% from 125%. Stock futures surge, with the S&P 500 up 2.8% and Nasdaq-100 up 3.5%.

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Breaking news: US stock futures are surging as US and China agree to cut tariffs for 90 days. US tariffs on Chinese goods will drop to 30% from 145% previously, and Chinese duties on US imports will drop to 10% from 125%, the two countries in a statement said this morning. Just looking at the stats here, the new rates on China means the shock to the average effective tariff rate on all US imports is now 10.4 percentage points. This is down significantly from 20.3 percentage points. US stock futures then are surging ahead of the US Open, with the S&P 500 seen up around 2.8% and the NASDAQ 100 up 3.5%. The US dollar is also putting in one of its best days in a month on a trade-weighted basis. As you would imagine then, European stocks are sharply following suit and trading higher this morning. Trade-sensitive sectors such as miners, autos, consumer products, technology, they're all indicated higher at the moment. We know Donald Trump is incredibly unpredictable, but at the moment markets are expressing a strong degree of relief on this news, and it's likely to really dominate the global news sphere over the next 24 hours. As the dust settles though, we'll be looking out for more color.