US and China agreed to slash tariffs, leading to a significant surge in US stock markets. The Dow Jones soared 1,160 points (2.8%), S&P 500 jumped 3.2%, and Nasdaq rose 4.3%. The US reduced tariffs on Chinese goods from 145% to 30%, while China lowered tariffs on US products from 125% to 10%. This 90-day agreement aims to de-escalate trade tensions and pave the way for a broader deal. Experts view this as a positive step, though base tariffs remain higher than pre-Trump levels.

Prepared by Christopher Adams and reviewed by editorial team.