U.S. tech stocks, along with the broader market, surged as the U.S. and China reached a temporary agreement to cut reciprocal tariffs for 90 days. This deal, made in Geneva, lowers the U.S. tariff from 145% to 30% on Chinese goods, while China will reduce its tariff from 125% to 10% on U.S. imports. The announcement was well-received in pre-market trading, with major tech companies, including those reliant on Chinese manufacturing, seeing a notable increase in their stock prices. However, the agreement does not resolve the recent U.S. removal of the 'de minimis' exemption for low-value imports.
U.S and China negotiated a temporary 90-day tariff reduction, significantly impacting tech stocks and broader markets, pushing major players like Apple and Amazon higher.
The agreement entails the U.S. reducing its 145% tariff on Chinese goods to 30%, while China will lower its 125% tariff on U.S. products to 10%.
In pre-market trading, tech stocks surged with Nasdaq futures rising 3.8%, showing strong investor response to the bullish trade news between the two economic giants.
Despite the tariff pause, critical topics like the removal of the de minimis exemption remain unresolved, indicating ongoing trade complexities.
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