By Denny Jacob
Shares of companies in the transportation and shipping businesses rose after the U.S. and China agreed to reduce certain tariffs during a 90-day period.
The U.S. agreed to lower the base level of tariffs on most Chinese goods to 30%, from 145%, while China said it would cut its levies on U.S. products to 10% from 125%. The 30% rate imposed by the U.S. includes a levy related to China's alleged role in the fentanyl crisis plaguing the U.S.
The U.S. tariff on many Chinese products will be higher than 30%. U.S. duties on steel, aluminum and autos remain in place, as do some earlier tariffs on certain Chinese goods imposed during President Trump's first term in office and that of former President Joe Biden.
Still, investors cheered on the development. Stock markets rallied broadly.
In the U.S. during premarket trading, shares of United Parcel Service rose 5% to $100.66 and FedEx climbed 5.8% to $230.50. CH Robinson Worldwide, meanwhile, increased 4% to $92.50.
Around the world, Danish shipping and logistics giant A.P. Moller-Maersk and German peer Hapag-Lloyd rose 12%, while ZIM Integrated Shipping Services surged 14%.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
May 12, 2025 08:25 ET (12:25 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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