The US and China on Monday agreed to lower tariffs for 90 days, as the world's two largest economies continue with discussions in a move that has boosted global stock markets and oil prices.
US levies on Chinese imports will be reduced to 30 per cent from 145 per cent during the three-month period, while the 125 per cent tariffs imposed by China on US goods will be cut to 10 per cent, officials said in Geneva on Monday.
The 90-day period will allow the countries to hammer out further economic and trade details, and the tariff revisions from both sides will be in force by May 14, the White House said in a statement.
“The US will continue a strategic rebalancing in many areas that were exposed as supply chain weaknesses during Covid, whether it’s medicines, semiconductors, steel or other [areas],” said US Treasury Secretary Scott Bessent, in Geneva.
“We have identified five or six strategic industries or supply chain vulnerabilities and we will continue moving towards US independence or reliable supplies from allies on those, but the consensus from both delegations this weekend is neither side wants a decoupling.”
The result of the very high tariffs was an equivalent of an embargo and neither side wants that, he said.
“We do want trade, we want more balanced trade, and I think that both sides are committed to achieving that. We would like to see China open to more US goods,” Mr Bessent told reporters.
“We expect that, as the negotiations proceed, there will also be a possibility of purchase agreement to pull what is our largest bilateral trade deficit into balance.”
Currently, the US imposes a 10 per cent universal tariff plus sector-specific charges on all countries.
The tariffs announced by US President Donald Trump last month have led to protests from US consumers and warnings from the business sector.
The move raised the spectre of a global recession and dragged US gross domestic product 0.3 per cent lower in the first quarter of the year – its first contraction in three years.
Reduction in tariffs marks "a significant de-escalation in the trade conflict and a positive development for US-China trade relations, although the outcome of the upcoming negotiations is subject to a high degree of uncertainty and could involve some back and forth over the coming months," Julius Baer economist Sophie Altermatt, told The National.
Relief rally across markets
Monday's announcement, which follows the US talks with Chinese officials on Sunday, resulted in stocks surging in Asia and Europe, while oil prices were trading more than 3 per cent higher.
In the US, the S&P 500 shot up 3.3 per cent to pull back within 5 per cent of its all-time high set in February.
The Dow Jones Industrial Average jumped 1,160 points, or 2.8 per cent and the Nasdaq composite climbed 4.3 per cent. The dollar rallied and gold prices fell after Mr Bessent summed up the trade discussions as “robust and productive”.
Brent, the benchmark for two thirds of the world's oil, was trading 3.04 per cent higher to $65.85 a barrel at 1.49pm UAE time. West Texas Intermediate, the gauge that tracks US crude, leapt 3.28 per cent to $63.02 a barrel.
Meanwhile, gold, a hedge against stocks and the crude markets volatility, dropped 3 per cent to a more than one-week low.
“Throughout the trade process, we have had a plan, we have a process in place, and now, with the Chinese, after this weekend we have a mechanism for continued talks,” Mr Bessent said.
The move has helped to shift market sentiment on trade and the global economy to a much more positive footing, said Edward Bell, acting group head of research and chief economist at Emirates NBD.
“US equity futures have jumped higher in response to the news of the tariff delay while European and Asian markets have also been pushed higher. Bonds and gold have been selling off as investors shed haven assets and position for further risk-on moves,” he said in a research note.
Also, as an immediate impact of the US-China cooling of trade hostilities, the outlook for oil prices has “improved” provided the trade deal sticks, although “fundamentals still suggest prices can’t rally too much in 2025", he added.
Mr Trump’s 20 per cent fentanyl-related tariffs on China, which were imposed in February and March, will remain, as part of the latest discussions, according to US Trade Representative Jamieson Greer.
“Other measures that the US has put in place in the past, whether it’s tariff measures from 2018, or since, tariffs under other statutory authorities, tariff related to fentanyl … those remain unchanged for now,” he said.
He added that the US and China have agreed to constructively work together on fentanyl with “a positive path forward”. Washington accuses Chinese companies of producing the chemicals used to make the drug.
Positive regional impact
While the Middle East economies are not directly connected to the US-China deal, an easing in global trade tensions is a positive for the trade-dependent economy of the UAE, according to Mr Bell. “It can allow firms to deepen trading routes, making use of the country’s logistics infrastructure and networks,” he said.
“Regional growth is largely being driven by domestic spending on projects in the UAE and Saudi Arabia. Improvements in the global trading environment will be welcomed by local firms.”
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
UAE currency: the story behind the money in your pockets
Key findings
- Over a period of seven years, a team of scientists analysed dietary data from 50,000 North American adults.
- Eating one or two meals a day was associated with a relative decrease in BMI, compared with three meals. Snacks count as a meal. Likewise, participants who ate more than three meals a day experienced an increase in BMI: the more meals a day, the greater the increase.
- People who ate breakfast experienced a relative decrease in their BMI compared with “breakfast-skippers”.
- Those who turned the eating day on its head to make breakfast the biggest meal of the day, did even better.
- But scrapping dinner altogether gave the best results. The study found that the BMI of subjects who had a long overnight fast (of 18 hours or more) decreased when compared even with those who had a medium overnight fast, of between 12 and 17 hours.
THE%20SPECS
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The five pillars of Islam
SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2a)
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Mohammed bin Zayed Majlis
What to watch out for:
Algae, waste coffee grounds and orange peels will be used in the pavilion's walls and gangways
The hulls of three ships will be used for the roof
The hulls will painted to make the largest Italian tricolour in the country’s history
Several pillars more than 20 metres high will support the structure
Roughly 15 tonnes of steel will be used
Quick%20facts
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UAE currency: the story behind the money in your pockets
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
England Test squad
Joe Root (captain), Moeen Ali, James Anderson, Jonny Bairstow (wicketkeeper), Stuart Broad, Jos Buttler, Alastair Cook, Sam Curran, Keaton Jennings, Dawid Malan, Jamie Porter, Adil Rashid, Ben Stokes.
COMPANY%20PROFILE
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Killing of Qassem Suleimani
More coverage from the Future Forum
More from Neighbourhood Watch:
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
The five pillars of Islam
THE BIO
Age: 30
Favourite book: The Power of Habit
Favourite quote: "The world is full of good people, if you cannot find one, be one"
Favourite exercise: The snatch
Favourite colour: Blue
The biog
Age: 19
Profession: medical student at UAE university
Favourite book: The Ocean at The End of The Lane by Neil Gaiman
Role model: Parents, followed by Fazza (Shiekh Hamdan bin Mohammed)
Favourite poet: Edger Allen Poe
The Details
Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5
MATCH SCHEDULE
Uefa Champions League semi-final, first leg
Tuesday, April 24 (10.45pm)
Liverpool v Roma
Wednesday, April 25
Bayern Munich v Real Madrid (10.45pm)
Europa League semi-final, first leg
Thursday, April 26
Arsenal v Atletico Madrid (11.05pm)
Marseille v Salzburg (11.05pm)
Killing of Qassem Suleimani
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UAE currency: the story behind the money in your pockets
How to register as a donor
1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention
2) There are about 11,000 patients in the country in need of organ transplants
3) People must be over 21. Emiratis and residents can register.
4) The campaign uses the hashtag #donate_hope
Killing of Qassem Suleimani
The specs: 2018 Range Rover Velar R-Dynamic HSE
Price, base / as tested: Dh263,235 / Dh420,000
Engine: 3.0-litre supercharged V6
Power 375hp @ 6,500rpm
Torque: 450Nm @ 3,500rpm
Transmission: Eight-speed automatic
Fuel consumption, combined: 9.4L / 100kms
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
WRESTLING HIGHLIGHTS
More on animal trafficking
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Company%20Profile
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
New schools in Dubai
PREMIER LEAGUE FIXTURES
Tuesday (UAE kick-off times)
Leicester City v Brighton (9pm)
Tottenham Hotspur v West Ham United (11.15pm)
Wednesday
Manchester United v Sheffield United (9pm)
Newcastle United v Aston Villa (9pm)
Norwich City v Everton (9pm)
Wolves v Bournemouth (9pm)
Liverpool v Crystal Palace (11.15pm)
Thursday
Burnley v Watford (9pm)
Southampton v Arsenal (9pm)
Chelsea v Manchester City (11.15pm)
