The US and China have agreed a breakthrough temporary cut to the tariffs they impose on each other's exports. Speaking in Geneva, US Treasury Secretary Scott Bessent said both countries would slash their reciprocal tariffs by 115 per cent for 90 days. Bessent told reporters that 'both sides showed great respect' during their talks, and that 'we both have an interest in balanced trade'. Since the announcement, global markets jumped with with Hong Kong up more than three percent while Shanghai also enjoyed healthy buying interest.
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