US and Asian stock futures climb as US and China reach a trade deal
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US stock futures rose Sunday night after Washington and Beijing hinted they want to cool their long-running tariff fight, giving investors fresh hope that the world’s two largest economies can find common ground. Contracts tied to the S&P 500 climbed about 1.3 percent as of 6:20 p.m. in New York, while Nasdaq 100 futures were up 1.5 percent. The gains followed a weekend meeting in Switzerland, the first face-to-face encounter since President Donald Trump returned to the White House. Chinese Vice Premier He Lifeng, who headed his delegation, called the session “an important first step” toward settling differences. No new policies were unveiled, yet he said the two sides agreed to open a permanent channel led by US Treasury Secretary Scott Bessent and himself. Bessent told reporters that Washington will release more details on Monday, and He said a joint statement is in the works. The stakes are high for American businesses that sell into China or rely on Chinese demand. Analysts at Bloomberg Intelligence, Gillian Wolff and Gina Martin Adams, estimate that the average S&P 500 company booked 6.1 percent of its 2024 revenue in the Chinese market. Exposure is much larger for some well-known names: Apple Inc. drew 17 percent of its sales from China in the three months ended in March, and Tesla Inc. generated 22 percent of its revenue there, according to the firms’ latest earnings reports. Successive rounds of retaliation have pushed US tariffs on Chinese imports to 145 percent, while Beijing’s levy on American goods stands at 125 percent. Before the weekend talks, Trump floated cutting the headline US tariff to 80 percent, down from the existing 145 percent, if progress could be achieved. The S&P 500 slipped 0.5 percent last week, giving back part of a rebound that began after Trump’s April 2…
Filed under: News - @ May 12, 2025 1:20 am