United States

US-China trade truce gives a boost to Wall Street

Stocks rose on Monday, boosted by gains in trade-sensitive industrial and technology stocks after the US and China agreed upon a temporary trade detente. Washington and Beijing agreed to a 90-day trade ceasefire during the G20 summit in Argentina on Saturday and President Trump said China has agreed to “reduce and remove” tariffs below the 40 percent level that the country is currently charging on US-made vehicles. However, the White House also said that the existing 10 percent tariffs on $200 billion worth of Chinese goods would be lifted to 25 percent if no deal was reached within 90 days. Strong gains in Apple and Microsoft pushed the technology sector higher by 1.76 percent. Apple, which gained 1.8 percent, was hit last week ...