India, May 12 -- European stocks advanced on Monday after the U.S. and China struck a deal to suspend tariffs for 90 days and slash rates going forward, following negotiations in Switzerland over the weekend.
U.S. trade representative Jamieson Greer announced a 90-day pause on tariffs. The U.S. tariffs on Chinese goods will fall to 30 percent from 145 percent while Chinese duties on U.S. imports will fall to 10 percent from 125 percent, the two countries announced today. More details are still to be released.
The pan European STOXX 600 climbed 0.6 percent to 541.25 after rising 0.4 percent on Friday.
The German DAX jumped 0.8 percent, France's CAC 40 added 0.9 percent and the U.K.'s FTSE 100 was up 0.4 percent.
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