June S&P 500 E-Mini futures (ESM25) are up +2.78%, and June Nasdaq 100 E-Mini futures (NQM25) are up +3.82% this morning after China and the U.S. agreed to reduce tariffs for 90 days following weekend trade talks in Geneva aimed at easing tensions.
The U.S. announced it would reduce its “reciprocal” tariff on Chinese goods from 125% to 10%. Still, U.S. President Donald Trump’s 20% fentanyl-related tariffs on China will remain. At the same time, China said it would lower its tariff on U.S. goods to 10% from 125%. The mutual tariff adjustments will take effect by May 14th.
