The United States (US) and China reached a better-than-expected deal to temporarily slash tariffs, sending stocks and the U.S. dollar sharply higher, as the world’s two biggest economies seek to end a damaging trade war that has stoked fears of recession. The U.S. will cut extra tariffs it imposed on Chinese imports in April this year to 30% from 145% and Chinese duties on U.S. imports will fall to 10% from 125% for the next 90 days, the two sides said on Monday.
