Global markets are ripping higher Monday morning as investors cheer a thawing of trade relations between the US and China over the weekend.
Presidents Trump and Xi came to a tentative truce on trade at the G20 summit in Buenos Aires, Argentina, postponing the next round of tariffs and agreeing to a 90-day window for further discussions.
This means that the US will not raise the 10% tariff rate on $200 billion worth of Chinese goods to 25% on January 1, as originally scheduled, while in return China has committed to buying a “very substantial amount of agricultural, energy, (and) industrial” goods from the US.
