A deal with China is seen as a relief for investors who worried tariffs as high as 145% would severely limit trade, raise prices and hurt the U.S. economy.

Japan led gains for Asian stocks on Tuesday, reacting to a U.S.-China deal to delay and slash tariffs and de-escalate trade tensions between the world's two biggest economies. Julian Satterthwaite reports.

Dow stocks soared over 1,100 points after the U.S. and China announced they would lower tariffs for 90 days. Meanwhile, President Trump defended his move to accept a potential offer from Qatar to provide a new Air Force One jet.

After two days of high-stakes talks in Switzerland, trade negotiators from the world’s biggest economies announced a massive if temporary de-escalation of tariffs, with the US slashing duties on Chinese products to 30% from 145% and Beijing dropping its levy on most goods to 10%.

US stocks end sharply. May 12, 2025. Wall Street's three major indexes rose sharply on Monday with the S&P 500 marking its highest lev

U.S. stocks closed significantly higher on Monday in the first trading session after the U.S. and China announced an agreement to slash tariffs for 90 days as the world’s two largest economies negotiate a wider trade deal.