Stock market goes berserk on China trade deal as S&P 500 set to wipe out Liberation Day losses: Live updates

Stock market goes berserk on China trade deal as S&P 500 set to wipe out Liberation Day losses: Live updates

Stock futures soared on Monday morning after Donald Trump dramatically sealed a trade dal with China.

America will cut tariffs it imposed on Chinese imports last month from 145 percent to 30 percent.

Chinese duties on U.S. imports will fall from 125 percent to 10 percent. The new measures are effective for 90 days. 

Nasdaq futures surged over 3.5 percent as the dollar surged and bond yields

The S&P 500 was set to open higher than it stood before Trump’s explosive ‘Liberation Day’ tariff announcement on April 2 sent markets crashing. 

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Dow futures rocket over 1,000 points after Trump announces China deal

President Donald Trump announced the United States and China had reached a 90 day trade deal as negotiations continue.

Under the agreement, the United States and China will drop Reciprocal tariffs back down to ten percent on both sides, even as the president’s 20 percent tariff on Chinese goods because of fentanyl will remain in place.

Both sides deescalated their 125 percent tariff which was considered to be unworkable.

The agreement was made after US officials met in Switzerland to discuss future trade terms.

‘We had very productive talks and I believe that the venue, here in Lake Geneva, added great equanimity to what was a very positive process,’ U.S. Treasury Secretary Scott Bessent said in a news conference after the agreement.

The pause begins on Wednesday.

The White House social media account celebrated the news early Monday morning.

Trump vows 59% reduction in drug prices

By Katelyn Caralle, Senior U.S. Political Reporter

President Donald Trump vowed on Truth Social that drug prices will be cut by 59 percent.

It comes as Trump prepares to sign an exeucitve order on lowering the cost burden for Americans of pharmaceuticals and prescription drugs.

Trump will hold a press conference at the White House on the latest action alongside Health and Human Services Secretary Robert F. Kennedy Jr.

The president also said that the price of gas, energy and groceries will also be reduced as he attempts to balk inflation.

Trade war breakthrough as US and China agree to slash tariffs by 115% for 90 days

The US and China have agreed a breakthrough temporary cut to the tariffs they impose on each other’s exports.

Speaking in Geneva, US Treasury Secretary Scott Bessent said both countries would slash their reciprocal tariffs by 115 per cent for 90 days.

Bessent told reporters that ‘both sides showed great respect’ during their talks, and that ‘we both have an interest in balanced trade’.

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