According to Chinese Finance Ministry, the country will cancel additional tariffs imposed on the US products under two later rounds of measures. Ministry to reduce the 34% tariff rates on US goods to 10%.
- The tariff cut on US goods is to take effect at 12:01 on May 14th. Also, Donald Trump announced $600 bln Saudi investment commitment. The US100 gains almost 1%, while VIX drops 4%, pressured by stock market rebound.
- According to China Finance Ministry statement: 'The substantial reduction in tariffs between China and the US meets the expectations of producers and consumers in both countries, and it is conducive to economic and trade exchanges between the two countries.'
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