In news that the United States and China have agreed to significantly reduce tariffs for 90 days, after-market transactions are showing strong performance.
According to the alternative trading venue NextTrade (NXT) on the 12th, Samsung Electronics shares traded at 57,900 won at 4:38 p.m. on that day, rising more than 5% during regular trading and increasing by 300 won compared to the closing price. SK hynix finished the regular session at 195,000 won, up 2.58% (4,900 won), and is currently trading at 198,400 won in the after-market.
In addition, LG Energy Solution, Samsung Biologics, Hyundai Motor, Kia, Celltrion, and NAVER are also experiencing stock trades at prices higher than the closing prices from the regular session on that day.
Scott Bessent, the U.S. Treasury Minister, announced the results of the U.S.-China negotiations in Geneva, Switzerland, at 4 p.m. Korean time that day. The United States will reduce tariffs on Chinese products from 145% to 30%, while China will reduce tariffs on U.S. products from 125% to 10% for 90 days. They agreed to lower the tariff rates by 115 percentage points.
Minister Bessent noted, "This can be seen as a process of continuous negotiations with China over the next 90 days," adding, "We want better trade, not to harm each other. We desire the opening of the Chinese market."
As a U.S.-China agreement that exceeded market expectations was reached, the Hong Kong stock market is also showing an increase of around 2% in both the Hang Seng Index and the H Index. Futures for the Dow Jones Industrial Average and the Standard & Poor’s 500 index are up more than 2%, while futures for the Nasdaq 100 index are currently showing gains of around 3%.