MNI BRIEF: US-China Deal Sets Up for Market Access Discussions

A 90-day pause in the U.S.-China tariff standoff will "set a path for future discussions to open market access for American exports," the White House said in a statement Monday. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng will "establish a mechanism to continue discussions about economic and trade relations," according to a joint statement by Washington and Beijing. 

The U.S. will retain a 10% baseline tariff rate plus an additional 20% in response to China's role in the trade of Fentanyl precursor chemicals. China will reduce its tariff rate on U.S. imports to 10%, the statement said. Commerce Secretary Howard Lutnick told CNN on Sunday the 10% baseline global tariff is likely to stay in place for the foreseeable future. 

Stocks and the dollar rallied on the news of the trade war pause.