U.S. stocks opened higher on Monday, after China and the United States announced a series of tariff modification measures aimed at easing trade tensions between the world's two largest economies, following talks in Geneva.
The Dow Jones Industrial Average opened at 41,899.05 points, up 649.67 points, or 1.57 percent.
The Standard and Poor's 500 Index opened at 5,807.20 points, up 147.29 points, or 2.60 percent.
The Nasdaq Composite Index opened at 18,674.55 points, up 745.63 points, or 4.16 percent.
The decision to ease simmering trade tensions followed a two-day high-level meeting on economic and trade affairs between China and the U.S., where the two sides issued a joint statement recognizing the importance of their bilateral economic and trade relationship to both countries and the global economy, and emphasizing the need for a sustainable, long-term and mutually beneficial economic and trade relationship.
According to the statement, the United States paused the 24 percent additional ad valorem rate of duty on goods sent from China (including goods from the Hong Kong Special Administrative Region and the Macao Special Administrative Region) for 90 days starting from April 2, while retaining the remaining rate of 10 percent on those goods. It will also remove the additional tariff rates on imports from China announced on April 8 and 9 respectively.
The pause in tariffs comes after the White House issued Executive Order 14259 on April 8, raising "reciprocal" tariff rates on China to 84 percent. One day later, the White House, in another executive order, hiked the rate to 125 percent.
Ad valorem tax is a tax based on the assessed value of assets, goods or services being taxed.
China says it will modify the application of the additional ad valorem rate of duty on goods from the United States set forth in the Announcement of the Customs Tariff Commission of the State Council No. 4 of 2025, by suspending 24 percent of additional tariffs for an initial period of 90 days, while retaining the remaining additional ad valorem rate of 10 percent on those goods.
It will also remove the modified additional ad valorem rates of duty on those goods imposed by announcements No. 5 and No. 6 issued by the Customs Tariff Commission of the State Council on April 9 and 11 respectively.
China will also adopt all necessary administrative measures to suspend or remove the non-tariff countermeasures taken against the United States since April 2, 2025.
The two sides commit to take the actions by May 14.
The two sides will also establish a mechanism to continue discussions about economic and trade relations. These discussions may be conducted alternately in China and the United States, or a third country upon agreement of the Parties, the statement said.
US stocks open higher on Monday after positive trade talks with China
The U.S. military strike against Venezuela and capture of its president, Nicolas Maduro, has shocked the international community, triggering a steady stream of condemnation and serious concerns worldwide.
Brazil, Chile, Colombia, Mexico, Uruguay and Spain issued a joint statement on Sunday, expressing serious concern about and firm opposition to the U.S. unilateral military operations in Venezuela.
The U.S. actions contravene fundamental principles of international law, particularly the prohibition on the use or threat of force, and respect for the sovereignty and territorial integrity of States, as enshrined in the UN Charter, constituting an extremely dangerous precedent against peace and regional security, according to the statement.
In expressing profound concern and firm rejection, the six countries stressed in the statement that the situation in Venezuela must be resolved exclusively by peaceful means, and through dialogue, negotiation and respect for the will of the Venezuelan people in all its expressions, without external interference and in accordance with international law.
Only an inclusive political process, led by Venezuelans, can lead to a democratic, sustainable solution that respects human dignity, according to the statement.
Spanish Prime Minister Pedro Sanchez condemned the U.S. raid in Venezuela as a violation of international law, adding that the Spanish government always advocates and defends international law and peaceful resolution of conflicts.
Addressing a meeting of the Community of Latin American and Caribbean States (CELAC), Cuban Foreign Minister Bruno Rodriguez demanded the unconditional and immediate release of Maduro and his wife.
Noting that Latin America and the Caribbean are a zone of peace, he expressed his firm opposition to the use of force, which is an unshakable principle.
Any aggression against Venezuela shall be regarded as an attack against all CELAC member states, and nations must collectively oppose it, he stressed.
The South African government denounced the U.S. attack on Venezuela as a violation of international law, according to a statement released on Sunday.
History has repeatedly demonstrated that military invasions against sovereign states yield only instability and deepening crisis, the statement said.
South Africa calls on the UN Security Council to urgently convene a session to address this situation, according to the statement.
Serbian President Aleksandar Vucic said what happened in Venezuela demonstrates that international law and the UN Charter are losing their practical effectiveness.
U.S. military action against Venezuela marks a dangerous precedent, as similar actions could be taken against any other nations, he said.
In addition, the foreign ministries of Namibia, Singapore, Oman and Pakistan also issued statements on the same day, expressing grave concern over U.S. interference in Venezuela's internal affairs.
They emphasized the need to uphold international law and the principles of the UN Charter while respecting Venezuela's sovereignty.
They also called on all parties to exercise restraint and resolve the crisis through peaceful dialogue.
U.S. move against Venezuela sparks condemnation, concerns worldwide
