US, China Slash Tariffs, Markets Surge

Global stock markets surged after the United States and China agreed on a 90-day reduction in reciprocal tariffs, with the U.S. reducing tariffs on Chinese imports from 145% to 30% and China lowering tariffs on U.S. goods from 125% to 10%. The agreement, reached after talks in Geneva, led to strong rallies in Asian, European, and North American markets, driving up major indices and commodity prices like oil while gold prices declined. The U.S. dollar strengthened, and tech and semiconductor stocks rose sharply, while pharmaceutical shares lagged amid new drug pricing policy announcements by President Trump. European benchmarks such as Germany's DAX hit record highs, and broad gains were seen across Asia-Pacific markets. Analysts highlighted the unexpectedly large tariff cuts and revived risk appetite, although uncertainty remains over whether a permanent deal can be reached within the 90-day window. The deal marked a pivotal moment in global trade and eased concerns about a prolonged trade war.