The United States and China agreed Monday to drastically roll back tariffs on each other맥스카지노�s goods for an initial 90-day period, in a surprise breakthrough that has de-escalated a punishing trade war and buoyed global markets.The announcement, which was made in a joint statement, comes after a weekend of marathon trade negotiations in Geneva, Switzerland by officials from the world맥스카지노�s two largest economies, during which both sides touted 맥스카지노�substantial progress.맥스카지노�Both sides recognize 맥스카지노�the importance of a sustainable, long-term, and mutually beneficial economic and trade relationship,맥스카지노� they said in the statement.Global investors are cheering a thaw in the trade war sparked by President Donald Trump맥스카지노�s massive tariffs, which have roiled financial markets, disrupted supply chains and stoked recession fears.Dow futures jumped more than 2%, while S&P 500 futures rose nearly 3%, and the tech-heavy Nasdaq Composite futures went up more than 3.5% during Asian afternoon trading. Asian markets were higher too, with Hong Kong맥스카지노�s Hang Seng index gaining more than 3%.The mutual tariff revisions will be imposed by May 14. Trump맥스카지노�s 20% fentanyl-related levies on China, imposed in February and March, will stay. However, each side has agreed to lower 맥스카지노�reciprocal맥스카지노� tariffs on the other by 115 percentage points for 90 days.That effectively means the U.S. will temporarily lower its overall tariffs on Chinese goods from 145% to 30%, while China will cut its levies on American imports from 125% to 10%, according to the joint statement.The trade war has already affected the U.S. and Chinese economies. America맥스카지노�s gross domestic product, the broadest measure of the U.S. economy, showed its first quarterly contraction since early 2022, as importers raced to bring in goods before punishing tariff rates kicked in.As for China, its exports to the U.S. fell sharply last month, impacting the country맥스카지노�s enormous manufacturing industry. Chinese factory activity contracted at its fastest pace in 16 months in April, adding urgency to Beijing맥스카지노�s efforts to roll out fresh economic stimulus.Dan Ives, a managing director at Wedbush Securities in New York, said the agreement to suspend most tariffs on each other맥스카지노�s goods was a 맥스카지노�best case scenario맥스카지노� from the weekend talks.맥스카지노�This is clearly just the start of a broader and more comprehensive negotiations, and we would expect both these tariff numbers to move down markedly over the coming months as deal talks progress,맥스카지노� he wrote in a research note.Continuing discussionsThe two sides also agreed to establish 맥스카지노�a mechanism to continue discussions about economic and trade relations,맥스카지노� led by Chinese Vice Premier He Lifeng and Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer, according to the joint statement.맥스카지노�These discussions may be conducted alternately in China and the United States, or a third country upon agreement of the Parties. As required, the two sides may conduct working-level consultations on relevant economic and trade issues,맥스카지노� it added.Speaking at a Monday press conference in Geneva, Bessent said: 맥스카지노�The consensus from both delegations is neither side wants to be decoupled, and what have occurred with these very high tariffs 맥스카지노� was an equivalent of an embargo, and neither side wants that. We do want trade. We want more balance in trade. And I think both sides are committed to achieving that.맥스카지노�A spokesperson for China맥스카지노�s Commerce Ministry called the joint statement 맥스카지노�an important step by both sides to resolve differences through equal-footing dialogue and consultation, laying the groundwork and creating conditions for further bridging gaps and deepening cooperation.맥스카지노�Beijing맥스카지노�s upbeat and positive tone stands in stark contrast to its previous statements about the trade conflict with the U.S. For weeks, Chinese officials had struck a defiant tone, demanding the U.S. remove all tariffs on China before agreeing to come to the negotiation table.The substantial, if temporary, breakthrough was unexpected. Just last week, Bessent sought to manage expectations by suggesting that his goal for the talks was 맥스카지노�de-escalation맥스카지노� of tension and not 맥스카지노�a big trade deal,맥스카지노� as the U.S. and China had been at a virtual stalemate since Trump imposed his tariff policy.