Trump says China will "fully" open its markets to U.S. firms, hints at call with Xi

U.S. President Donald Trump has hailed recent tariffs talks with China, claiming that Beijing will fully open its market to American businesses.

In the meantime, stock markets were the first to respond to a major rollback on tariffs.

Lee Soo-jin has the details.

President Donald Trump on Monday hailed the temporary de-escalation of trade tensions with China as a 'total reset' that will open China's market to American companies.

"In addition, yesterday we achieved a total reset with China after productive talks in Geneva. And they've agreed to open China, fully open China. And, I think it's going to be fantastic for China. I think it's going to be fantastic for us."

He also told reporters in the Oval Office that he may speak to Chinese President Xi Jinping later this week.

The U.S. and China reached a trade agreement that slashes U.S. tariffs on Chinese goods to 30 percent from 1-hundred-45 percent, and lowers Chinese tariffs on U.S. imports to 10 percent from 1-hundred-25 percent, a decision that cuts tariffs from both nations by 1-hundred-15 percentage points.

But sector-specific tariffs on automobiles, automobiles, aluminum, and steel are still in place, and China will be subject to the tariffs on pharmaceuticals that Trump previously said would arrive "shortly."

The agreement followed two days of discussions held in Switzerland between senior-level officials from both nations.

"Neither side wants a decoupling. We do want trade, we want more balanced trade and I think that both sides are committed to achieving that."

"The two sides held in-depth exchanges on trade and economic issues of their respective concern. The atmosphere of the meeting was candid, in-depth and constructive."

The deal,. which will be in place by May 14, will be effective for 90 days and sets up a framework for further talks between the two countries.

U.S. stocks responded positively to the news, with the Dow Jones surging to close at 2-point-81 percent, the S&P 500 closed nearly 3-point-3 percent up, while the tech-heavy Nasdaq closed 4-point-35 percent compared to the previous trading day.

This comes as investors reacted favorably to the unexpected progress in talks between the U.S. and China, sparking a rally in major tech stocks such as Nvidia, Nvidia, Amazon, and Meta.

Companies like Best Buy and Dell Technologies, which rely heavily on Chinese manufacturing, also saw strong gains.

Lee Soo-jin, Arirang News.