Asian stocks soar as US-China trade talks progress
Asian stock markets jumped on Monday after United States and Chinese negotiators made progress toward resolving their trade dispute. Treasury Secretary Scott Bessent said Washington will not impose an additional 100 percent tariff on Chinese products following weekend discussions in Malaysia. Chinese Vice Premier He Lifeng described the talks as constructive and said both nations reached preliminary agreements on tariffs and export restrictions.
President Donald Trump and Chinese President Xi Jinping plan to meet on Thursday in South Korea to finalize terms. Japanese and South Korean indexes each climbed about 2 percent in early trading while Hong Kong, Shanghai and Taipei markets also advanced. The developments follow positive signals from Wall Street on Friday after inflation data suggested the Federal Reserve may reduce interest rates again.
China agreed to postpone its rare-earth export controls for one year and to purchase American soybeans under the framework. Trump told reporters both governments want an agreement as he continues a five-day tour through Asia focused on trade negotiations.
