US markets have surged after the US and China agree to reduce tariffs on each other’s goods for 90 days
Markets in the US are now trading at similar levels to the beginning of the year, our New York business reporter Natalie Sherman writes – marking a significant recovery since US President Donald Trump announced his “Liberation Day” tariffs in April
Trump says his administration has achieved a “total reset with China”
Meanwhile, European and Asian markets have also risen after the major agreement between Washington and Beijing, a major de-escalation of their trade war
US tariffs on Chinese imports will fall from 145% to 30%, while Chinese tariffs on US goods will fall from 125% to 10%
It is a bigger cut than expected, writes our correspondent Theo Leggett – but 30% is still a high tariff
