摩根资产管理：中美经贸会谈联合声明超预期 风险释放下市场反应积极

Core Points - The recent joint statement from the China-U.S. Geneva economic and trade talks indicates that both sides believe ongoing negotiations will help address their economic and trade concerns [1] - Both parties have agreed to modify tariffs on each other's goods, with a 24% tariff being suspended for the first 90 days, while retaining a 10% tariff [1] - A mechanism for regular dialogue will be established to facilitate timely communication and resolve differences, thereby enhancing the stability of future negotiations [2] Summary by Categories Tariff Adjustments - The U.S. will modify the tariffs imposed on Chinese goods, including a 24% tariff suspended for 90 days and a 10% tariff retained [1] - China will also adjust its tariffs on U.S. goods similarly, with a 24% tariff suspended for 90 days and a 10% tariff retained [1] Dialogue Mechanism - Both countries have agreed to establish a regular dialogue mechanism to improve communication and reduce friction, which is expected to strengthen future negotiations [2] Market Reactions - The announcement has led to positive market reactions, with major stock indices in Hong Kong and U.S. futures rising, alongside increases in U.S. Treasury yields and the dollar index [2] - The 90-day suspension of tariffs provides time for both sides to reach further consensus, although it also adds pressure to the negotiation process [2]