Tariff man trump panda fight China

China has announced the things that were pledged on Sunday:

  • To adjust tariff rates on US goods on May 14
  • To pause the 24% tariff rate on US goods for 90 days
  • Sets tariff rate at 10%, as expected
  • says reduction in tariffs meets expectations of producers and consumers in both countries

There is also this:

  • To cancel additional tariffs imposed on US products under two later rounds of measures

I'm not sure on the significance of this but I think it's highlighting that they need to see further progress. US stocks have been bid since the open, reversing earlier selling in the futures market.

Source: Forex Live