A 90-day tariff agreement between the US and China may set the stage for a broader recovery of stock and cryptocurrency markets, as investors look ahead to a potential tax relief package.
The White House announced on May 12 that the two countries will reduce their respective tariffs to 10% for an initial 90-day period beginning May 14 — a 24% cut from current levels.
Speaking at a news conference in Geneva, US Treasury Secretary Scott Bessent said both governments are aligned on avoiding further economic decoupling.
“The consensus from both delegations is neither side wants to be decoupled,” Bessent said. “What has occurred with these very high tariffs was an equivalent of an embargo, and neither side wants that. We do want trade. We want more balance in trade.”
Joint statement on US-China meeting in Geneva. Source: The White House
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