JOHANNEBSURG - Talks between the world’s two largest economies have yielded positive results.
The United States and China have reached an agreement to ease their tit-for-tat tariffs.
Both nations have agreed to reduce tariffs for 90 days in a move aimed at de-escalating trade tensions.
Under the agreement, the US will lower its tariff rate to 30 percent, while China will reduce its duties to 10 percent.
The breakthrough in negotiations has boosted confidence in global markets, strengthening the US dollar.
On Monday, the dollar gained over one percent against both the yen and the euro.
In commodities, oil prices surged more than three percent.