The United States and China agreed Monday to drastically roll back tariffs on each other바카라 게임 웹사이트�s goods for an initial 90-day period, in a surprise breakthrough that has de-escalated a punishing trade war and buoyed global markets.The announcement, which was made in a joint statement, comes after a weekend of marathon trade negotiations in Geneva, Switzerland by officials from the world바카라 게임 웹사이트�s two largest economies, during which both sides touted 바카라 게임 웹사이트�substantial progress.바카라 게임 웹사이트�Both sides recognize 바카라 게임 웹사이트�the importance of a sustainable, long-term, and mutually beneficial economic and trade relationship,바카라 게임 웹사이트� they said in the statement.Global investors are cheering a thaw in the trade war sparked by President Donald Trump바카라 게임 웹사이트�s massive tariffs, which have roiled financial markets, disrupted supply chains and stoked recession fears.Dow futures jumped more than 2%, while S&P 500 futures rose nearly 3%, and the tech-heavy Nasdaq Composite futures went up more than 3.5% during Asian afternoon trading. Asian markets were higher too, with Hong Kong바카라 게임 웹사이트�s Hang Seng index gaining more than 3%.The mutual tariff revisions will be imposed by May 14. Trump바카라 게임 웹사이트�s 20% fentanyl-related levies on China, imposed in February and March, will stay. However, each side has agreed to lower 바카라 게임 웹사이트�reciprocal바카라 게임 웹사이트� tariffs on the other by 115 percentage points for 90 days.That effectively means the U.S. will temporarily lower its overall tariffs on Chinese goods from 145% to 30%, while China will cut its levies on American imports from 125% to 10%, according to the joint statement.The trade war has already affected the U.S. and Chinese economies. America바카라 게임 웹사이트�s gross domestic product, the broadest measure of the U.S. economy, showed its first quarterly contraction since early 2022, as importers raced to bring in goods before punishing tariff rates kicked in.As for China, its exports to the U.S. fell sharply last month, impacting the country바카라 게임 웹사이트�s enormous manufacturing industry. Chinese factory activity contracted at its fastest pace in 16 months in April, adding urgency to Beijing바카라 게임 웹사이트�s efforts to roll out fresh economic stimulus.Dan Ives, a managing director at Wedbush Securities in New York, said the agreement to suspend most tariffs on each other바카라 게임 웹사이트�s goods was a 바카라 게임 웹사이트�best case scenario바카라 게임 웹사이트� from the weekend talks.바카라 게임 웹사이트�This is clearly just the start of a broader and more comprehensive negotiations, and we would expect both these tariff numbers to move down markedly over the coming months as deal talks progress,바카라 게임 웹사이트� he wrote in a research note.Continuing discussionsThe two sides also agreed to establish 바카라 게임 웹사이트�a mechanism to continue discussions about economic and trade relations,바카라 게임 웹사이트� led by Chinese Vice Premier He Lifeng and Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer, according to the joint statement.바카라 게임 웹사이트�These discussions may be conducted alternately in China and the United States, or a third country upon agreement of the Parties. As required, the two sides may conduct working-level consultations on relevant economic and trade issues,바카라 게임 웹사이트� it added.Speaking at a Monday press conference in Geneva, Bessent said: 바카라 게임 웹사이트�The consensus from both delegations is neither side wants to be decoupled, and what have occurred with these very high tariffs 바카라 게임 웹사이트� was an equivalent of an embargo, and neither side wants that. We do want trade. We want more balance in trade. And I think both sides are committed to achieving that.바카라 게임 웹사이트�A spokesperson for China바카라 게임 웹사이트�s Commerce Ministry called the joint statement 바카라 게임 웹사이트�an important step by both sides to resolve differences through equal-footing dialogue and consultation, laying the groundwork and creating conditions for further bridging gaps and deepening cooperation.바카라 게임 웹사이트�Beijing바카라 게임 웹사이트�s upbeat and positive tone stands in stark contrast to its previous statements about the trade conflict with the U.S. For weeks, Chinese officials had struck a defiant tone, demanding the U.S. remove all tariffs on China before agreeing to come to the negotiation table.The substantial, if temporary, breakthrough was unexpected. Just last week, Bessent sought to manage expectations by suggesting that his goal for the talks was 바카라 게임 웹사이트�de-escalation바카라 게임 웹사이트� of tension and not 바카라 게임 웹사이트�a big trade deal,바카라 게임 웹사이트� as the U.S. and China had been at a virtual stalemate since Trump imposed his tariff policy.