China, U.S. Trade Representative
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U.S. stocks climbed Monday after Treasury Secretary Bessent touted substantial progress on talks with the Chinese setting up a busy week of trade talks as President Trump heads to the Middle East. In economic and earnings news,
China and the United States announced a truce in their trade war on Monday after talks in Geneva that will roll back the bulk of tariffs and other countermeasures by Wednesday. The United States is dropping the extra tariffs it imposed on China this year to 30% from 145%,
Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer told reporters that more details would be provided on Monday.
JPMorgan on Tuesday lowered its odds of a recession this year from 60% to below 50%, meaning the U.S. is more likely to grow in 2025 than enter a downturn. Similarly, Goldman Sachs reduced its chances of a recession this year from 45% to 35%.