liveMarkets live updates: US-China tariffs 'deal' spurs stock surge, Australian futures tip liftBy business reporter Daniel ZifferTopic:Stock Market1h ago1 hours agoMon 12 May 2025 at 9:32pmSkip to timelineabc.net.au/news/asx-markets-business-live-news-may13-2025/105281934Link copiedShareShare articleA US-China trade deal that will cut tariffs has caused US stock markets to rocket. The futures market tips Australia's stock index will also rise.Follow the day's financial news and insights from our specialist business reporters on our live blog.Disclaimer: this blog is not intended as investment advice.Key EventsGood morning!1h ago1 hours agoMon 12 May 2025 at 9:04pmSubmit a comment or question Log in to commentLive updatesLatestOldestPinned1h agoMon 12 May 2025 at 9:09pmMarket snapshotDBy Daniel ZifferASX 200 futures: +1.1% to 8,340 pointsAustralian dollar: -0.7% to 63.74 US centsDow Jones: +2.8% to 42,410 pointsS&P 500: +3.2% to 5,844 pointsNasdaq: -+4.3% to 18,708 pointsFTSE: +0.6% to 8,604 pointsEuroStoxx: +1.2% to 544 pointsSpot gold: -3.3% to $US3,239/ounceBrent crude: +1.6% to $US64.94/barrelIron ore: +1.2% to $US99.75/tonneBitcoin: -1.3% to $US102,614Prices current around 7:15am AEDT.Live updates on the major ASX indices:Copy link5m agoMon 12 May 2025 at 10:30pmHammered: the dominance of BunningsDBy Daniel Ziffer While Coles and Woolworths have been under intense scrutiny, Bunnings — which has a much higher profit margin than either of them — has mostly escaped attention.My colleague Emilia Terzon has been working with the 4 Corners team on this incisive report on the dominant hardware chain.Loading YouTube contentCopy link19m agoMon 12 May 2025 at 10:16pmVietnam quakes on tariff threatDBy Daniel ZifferThe tariff plan announced on Trump's so-called "Liberation Day" was chaotic - tolling islands only populated by penguins with a 10% impost on goods they don't produce.But the real sting was on low-wage manufacturing nations like Vietnam that have grown to rely on supplying US demand for goods.Our colleagues, South-East Asia correspondent Bill Birtles and Mitch Woolnough, have done a great looking at the impact.Check it out here.'A lot of us here are worried': The far-reaching impact of Trump's tariffsCopy link33m agoMon 12 May 2025 at 10:02pmTrump will cost US families about $2,800 a year: WolfersDBy Daniel ZifferOne of our best economic exports is Justin Wolfers, a professor of economics at the University of Michigan and the Ford School, and a senior fellow at the Brookings Institute.He's smart, trust me.Here's his take on the Trump tariff turn-around.Loading Twitter contentCopy link43m agoMon 12 May 2025 at 9:52pmUS and China invoke 'spirit of mutual opening' in statementDBy Daniel ZifferHere's some more detail about the US-China deal. Or as the Chinese would call it, the China-US deal.Loading Twitter contentThere are going to be more talks, but first here's the text.Joint Statement on China-U.S. Economic and Trade Meeting in GenevaThe Government of the People's Republic of China ("China") and the Government of the United States of America (the "United States"),Recognizing the importance of their bilateral economic and trade relationship to both countries and the global economy;Recognizing the importance of a sustainable, long-term, and mutually beneficial economic and trade relationship;Reflecting on their recent discussions and believing that continued discussions have the potential to address the concerns of each side in their economic and trade relationship; andMoving forward in the spirit of mutual opening, continued communication, cooperation, and mutual respect;The Parties commit to take the following actions by May 14, 2025:The United States will (i) modify the application of the additional ad valorem rate of duty on articles of China (including articles of the Hong Kong Special Administrative Region and the Macau Special Administrative Region) set forth in Executive Order 14257 of April 2, 2025, by suspending 24 percentage points of that rate for an initial period of 90 days, while retaining the remaining ad valorem rate of 10 percent on those articles pursuant to the terms of said Order; and (ii) removing the modified additional ad valorem rates of duty on those articles imposed by Executive Order 14259 of April 8, 2025 and Executive Order 14266 of April 9, 2025.China will (i) modify accordingly the application of the additional ad valorem rate of duty on articles of the United States set forth in Announcement of the Customs Tariff Commission of the State Council No. 4 of 2025, by suspending 24 percentage points of that rate for an initial period of 90 days, while retaining the remaining additional ad valorem rate of 10 percent on those articles, and removing the modified additional ad valorem rates of duty on those articles imposed by Announcement of the Customs Tariff Commission of the State Council No. 5 of 2025 and Announcement of the Customs Tariff Commission of the State Council No. 6 of 2025; and (ii) adopt all necessary administrative measures to suspend or remove the non-tariff countermeasures taken against the United States since April 2, 2025.After taking the aforementioned actions, the Parties will establish a mechanism to continue discussions about economic and trade relations. The representative from the Chinese side for these discussions will be He Lifeng, Vice Premier of the State Council, and the representatives from the U.S. side will be Scott Bessent, Secretary of the Treasury, and Jamieson Greer, United States Trade Representative. These discussions may be conducted alternately in China and the United States, or a third country upon agreement of the Parties. As required, the two sides may conduct working-level consultations on relevant economic and trade issues.Copy link52m agoMon 12 May 2025 at 9:43pmHold on, what happened?DBy Daniel ZifferSo, to catch up, here's the summation.The US and China have agreed to a 90-day pause in their implementation of tariffs on each other’s imports.In a press conference in Geneva, US Treasury Secretary Scott Bessent said both countries will reduce their tariffs by 115 per cent.This would reduce:the US tariffs on Chinese imports to 30 per cent (down from 145 per cent)China’s tariffs on US imports to 10 per cent (down from 125 per cent).Since taking office in January, Mr Trump has hiked the tariffs paid by US importers for goods from China to 145 per cent, in addition to those he imposed on many Chinese goods during his first term and the duties levied by the Biden administration.China hit back by putting export curbs on some rare earth elements, vital for US manufacturers of weapons and electronic consumer goods, and raising tariffs on US goods to 125 per cent.The tariff dispute brought nearly $600 billion in two-way trade to a standstill, disrupting supply chains, sparking fears of stagflation and triggering some lay-offs.US and China agree to slash tariffs during 90-day pauseCopy link1h agoMon 12 May 2025 at 9:18pm'Total reset' as US-China trade conflict cools down, for nowDBy Daniel ZifferWhat was a heavyweight bout between the two largest - and completely interconnected and dependent - economies in the world has now turned into a work-in-progress meeting.The US and China have de-escalated a tariff war that was destabilising the world economy, with the promise of a temporary pause and more talks - potentially between US President Donald Trump and China's leader Xi Jinping.Here's some of the key grabs from Trump:"The talks in Geneva were very friendly.""We're not looking to hurt China.""The biggest thing to me is the opening up (of China)." "I think it would be fantastic for our businesses if we could go in and compete."But he has now turned his focus to the European Union, describing them as "nastier" than China."We have all the cards." "They treated us very unfairly."More to come, clearly.Copy linkKey Event1h agoMon 12 May 2025 at 9:04pmGood morning!DBy Daniel ZifferHello, I'm Daniel Ziffer from the ABC business team and I'll be taking you through the morning on our business, finance and economics blog.Overnight, Wall Street indices rocketed on the news of a US-China "deal" to end the destructive tit-for-tat tariff conflict that has engulfed the world's two largest economies.The blue-chip Dow Jones of 30 mega-companies like Boeing and Visa was +2.8% to 42,410 points.The broader S&P 500 that covers 500 of the largest listed companies in the US went +3.2% to 5,844 points.The tech-heavy Nasdaq was +4.3% to 18,708 points.These numbers are live, and trading is continuing, we’ll update you when there’s a firm closing price.Our market is set to soar too with the ASX 200 futures index tipping a fast start of +1.1% or 90 points higher at the open to 8,340 points.There’s lots to get to, all of it news, analysis and information and none of it financial advice.Let’s get started!LoadingCopy linkPosted 1h ago1 hours agoMon 12 May 2025 at 9:32pm, updated 34m ago34 minutes agoMon 12 May 2025 at 10:00pmShare optionsCopy linkFacebookX (formerly Twitter)TimelineRead nextCommentsTimelineLatestMarket snapshotEconomyAnalysisMarket snapshot1h ago1 hours agoMon 12 May 2025 at 9:09pmPINNEDHammered: the dominance of Bunnings5m ago5 minutes agoMon 12 May 2025 at 10:30pmVietnam quakes on tariff threat19m ago19 minutes agoMon 12 May 2025 at 10:16pmTrump will cost US families about $2,800 a year: Wolfers33m ago33 minutes agoMon 12 May 2025 at 10:02pmUS and China invoke 'spirit of mutual opening' in statement43m ago43 minutes agoMon 12 May 2025 at 9:52pmHold on, what happened?52m ago52 minutes agoMon 12 May 2025 at 9:43pm'Total reset' as US-China trade conflict cools down, for now1h ago1 hours agoMon 12 May 2025 at 9:18pmGood morning!1h ago1 hours agoMon 12 May 2025 at 9:04pmTop StoriesChild safety staff looking for missing 14yo did 'safety' check with child sex abuserTopic:Child AbusePhoto shows Saachi at the beach.Liberal leadership race goes down to the wire as Nats weigh net zeroTopic:Federal GovernmentAlbanese shifts Plibersek from environment in favour of 'can-do' WattMAnalysis by Michelle GrattanWhy the Reserve Bank is wary of rocketing real estate pricesIAnalysis by Ian VerrenderPM's new ministry to be sworn in, Chalmers admits frontbench dumping 'messy'Topic:Government and PoliticsJust InThese Canberrans received a home stamp duty concession. 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