US equities markets got a significant boost Monday on news that US and Chinese officials had reached an agreement to temporarily slash the reciprocal tariffs to 30% on Chinese exports to the USA and to 10% on US exports to China during the next 90 days.
The agreement was reached in Switzerland on the weekend.
US stocks also traded higher on spikes in the stock prices of Tesla by 7%; Nvidia 5%; Apple and Best Buy 6?ch and Dell Technologies and Amazon by 8%.
European and Asia- Pacific markets also traded higher on the news that the US and China temporarily reached an agreement to de-escalate the trade war and further that these talks will continue in two weeks time.
Relief on de minimis tariff
In a related development, the United States will cut the low value "de minimis" tariff on China shipments, further de-escalating a potentially damaging trade war between the world's two largest economies.
The levies will be reduced to 54% from 120%, with a flat fee of $100 to remain, starting May 14.
In February, President Donald Trump ended the previous de minimis exemption of $800 by imposing a tax of 120% of the package's value, or a planned flat fee of $200 - set then to come into effect by June.
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