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US-listed Chinese stocks led by Alibaba Group Holding (NYSE:BABA), PDD Holdings Inc (NASDAQ:PDD), and Baidu, Inc (NASDAQ:BIDU) gained on Monday.
Beijing and Washington agreed to lower tariffs on each other’s products temporarily, Bloomberg reported on Monday.
The agreement will reduce U.S. levies of 145% on most Chinese imports to 30%, while China’s 125% duties on US goods will drop to 10% for a 90-day period.
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According to the report, the deal followed weekend negotiations in Geneva.
The Chinese electric vehicle companies, including NIO Inc. (NYSE: NIO), Li Auto Inc. (NASDAQ:LI), and XPeng Inc. XPEV, also noted strong upward momentum.
Linda Lam of Union Bancaire Privee in Hong Kong told Bloomberg that the move would relieve corporates and consumers from runaway costs and remove an escalation overhang.
In April, President Trump hinted at a significant reduction in tariff rates.
During an investor summit, Treasury Secretary Scott Bessent acknowledged the impracticability and mutual challenges of a tariff war with China.
Investors can gain exposure to Chinese stocks via the iShares China Large-Cap ETF (NYSE:FXI) and the KraneShares Trust KraneShares CSI China Internet ETF (NYSE:KWEB).
Price Action: BABA shares were trading higher by 6.46% at $133.43 at the last check on Monday.
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