Global Stocks Climb After US-China Trade Announcement
May 12, 2025
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Hugh Cameron is Newsweek U.S. news reporter based in London, U.K. with a focus on covering American economic and business news. Hugh joined Newsweek in 2024, having worked at Alliance News Ltd where he specialised in global and regional business developments, economic news, and market trends. He graduated from the University of Warwick with a bachelor’s degree in politics in 2022, and from the University of Cambridge with a master’s degree in international relations in 2023. Languages: English. You can get in touch with Hugh by emailing h.cameron@newsweek.com
Hugh Cameron
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Global indexes are rising on the back of a significant de-escalation in the U.S.-China trade dispute.
As of 4 a.m. ET, S&P 500 futures were up 2.6 percent, Dow Jones futures up 2.0 percent and the tech-heavy Nasdaq up 3.4 percent.
Speaking from Switzerland on Monday morning, U.S. Treasury Secretary Scott Bessent announced that China and the U.S. had agreed to a 90-day pause on their reciprocal tariffs, “and substantially moved down the tariff levels.” Bessent said that both countries had agreed to cut their tariffs on the other’s imports by “115 percent.”
US Treasury Secretary Scott Bessent (L) and US Trade Representative Jamieson Greer speak to the media after talks between seniors US and Chinese officials on tariffs at the residence of the permanent Swiss ambassador to… US Treasury Secretary Scott Bessent (L) and US Trade Representative Jamieson Greer speak to the media after talks between seniors US and Chinese officials on tariffs at the residence of the permanent Swiss ambassador to the United Nations in Geneva on May 11, 2025.
Valentin Flauraud/AFP via Getty Images
Chinese stocks rose on the news. The Shanghai Composite increased 0.8 percent on Monday, while the Hang Seng Index and MSCI China gained 3.0 percent and 3.1 percent, respectively.
The Euro Stoxx 50 was up 1.7 percent in early trading, with similar gains made by the Stoxx Europe 600, up 0.7 percent. The FTSE 100 was trading marginally higher as markets opened.
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