Stock Market: Hong Kong closes up 2.98% as China-US truce on tariffs

Hong Kong Stock Exchange closes in rally on the boost of the truce on tariffs reached by the US and China in the marathon of talks held in Geneva: the Hang Seng Index rises by 2.98% to 23,549.46 points. U.S. Treasury Secretary Scott Bessent, in press conference, gave an authentic interpretation of as agreed with the delegation led by the Deputy Prime Minister Chinese He Lifeng. "We have reached an agreement for a break of 90 days", which will lead the parties to reduce tariffs by 115%, up to 30% in the case of the USA and 10% for the Dragon. In detail, it is a 24% cut in the rates US additional tariffs on goods of Chinese origin (including Hong Kong and Macao) regarding the order Executive Order 14257 of US President Donald Trump of 2 April, while maintaining the remaining 10% rate, as well as the removal of subsequent rates of the ordinances 14259 of 8 April and 14266 of 9 April 2025, fruit of further escalation. China will therefore make a mirror cut up to raise the rate to 10% on goods made in the USA, compared to as established by the announcement of the Tariff Commission customs n. 4 of 2025, "suspending 24 percentage points of such rate for an initial period of 90 days" and removing the subsequent ones of customs announcements no. 5 and no. 6 of 2025. Beijing has also pledged to adopt "all measures administrative measures necessary to suspend or revoke the non-tariff countermeasures adopted against the US by April 2, 2025".