Shares of many companies that source at least some of their goods from China are surging on Monday as US and Chinese officials announced that they had reached a deal to roll back most of their recent tariffs and called a 90-day truce in their trade war to allow for more talks on resolving their trade disputes. US Trade Representative Jamieson Greer said the US agreed to drop its 145% tariff rate on Chinese goods by 115 percentage points to 30%, while China agreed to lower its rate on US goods by the same amount to 10%.
There’s still big challenges…