SINGAPORE/SHANGHAI: Chinese stocks rallied and the yuan strengthened on Monday after the United States and China said they have agreed to a deal to slash reciprocal tariffs in a substantial de-escalation of a potentially damaging trade war.

Speaking after talks with Chinese officials in Geneva over the weekend, U.S. Treasury Secretary Scott Bessent told reporters the two sides had reached a deal for a 90-day pause on measures and that reciprocal tariffs would come down by 115%.