Stocks, dollar surge as US and China agree 90-day tariff relief

From channelnewsasia.com

Global shares rallied, while gold and safe-haven currencies slumped against a resurgent dollar on Monday (May 12) as the US 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 US would drop levies on Chinese imports from 145 per cent to 30 per cent during a 90-day negotiation period and China would cut duties from 125 per cent to 10 per cent. Wall Street stocks made significant gains, with the S&P 500 index jumping 3.3 per cent and the tech-focused Nasdaq Composite advancing 4.4 per cent. In a ... (full story)