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.
This article was written by Adam Button at www.forexlive.com.