Stocks opened higher after the U.S. and China agreed to reduce tariffs for 90 days, instilling optimism for better trade relations. This agreement emerged from negotiations in Geneva, leading to a rise in major stock indices. Specifically, the tariffs on Chinese imports to the U.S. would be slashed from 145% to 30%, while those imposed by China on U.S. goods would fall from 125% to 10%. Despite these reductions, uncertainty persists regarding the future trade landscape, as many businesses have already altered their operation plans based on the previous tariffs.
The surge in stocks follows the agreement between the U.S. and China to slash crippling tariffs for 90 days after discussions in Geneva, reflecting market optimism.
Cargo traffic at the Port of Los Angeles dropped more than a third from last year, demonstrating the tangible impact of the tariffs on supply chains.
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