India, May 12 -- The U.S. dollar strengthened against other major currencies in the European session 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. The easing is effective from May 14. More details are still to be released.
"We have substantially moved down the tariff levels," said U.S. Treasury Secretary Scott Bessent, who led the American delegation at the...