Market News
Stocks, dollar surge as US and China agree 90-day tariff relief - REUTERS
By Koh Gui Qing and Naomi Rovnick
Summary
- U.S. and China reach deal to temporarily slash tariffs
- Wall Street stocks leap
- Dollar jumps 2% against Japanese yen, Swiss franc tumbles
- Gold drops sharply after stunning rally, government bonds weak
NEW YORK/LONDON, May 12 (Reuters) - Global shares rallied, while gold and safe-haven currencies slumped against a resurgent dollar on Monday as the U.S. and China agreed to temporarily slash harsh reciprocal tariffs and cooperate to avoid rupturing the global economy.
Following weekend talks in Geneva, both sides agreed that the U.S. would drop levies on Chinese imports from 145% to 30% during a 90-day negotiation period and China would cut duties from 125% to 10%.
