China ADRs rise after US, China agree to temporary tariff cuts

U.S.-listed shares of Chinese companies rise premarket after U.S. and China agree to temporarily slash tariffs

The world's two biggest economies said there would be a 90-day pause on measures and tariffs would come down to a 10% baseline rate

E-commerce firm Alibaba Group Holding BABA.N jumps 6.9%, JD.com Inc JD.O rises 5.9% and PDD Holdings PDD.O rises 7.8%

Gaming company Bilibili Inc BILI.O surges 7.2%, while search engine giant Baidu Inc BIDU.O adds 4.6%

EV firms Li Auto Inc LI.O, Nio Inc NIO.N and Xpeng Inc XPEV.N gain between 6.8% and 8.7%

Music streaming co Tencent Music Entertainment Group TME.N and online video platform IQIYI Inc IQ.O rise 4.9% and 5.9%, respectively, while social media co Weibo Corp WB.O and live streaming platform Huya Inc HUYA.N climb 2.6% and 3.3%, respectively

Online education firms Gaotu Techedu Inc GOTU.N, TAL Education Group TAL.N and New Oriental Education & Technology Group Inc EDU.N up 2.8%-5.7%

Online brokerages Futu Holdings Ltd FUTU.O and UP Fintech Holding Ltd TIGR.O gain 7.8% and 5.9%, respectively

China ETFs such as IShares MSCI China ETF MCHI.O, China Large-Cap ETF FXI.N and KraneShares CSI China Internet ETF KWEB.K gain 3.1%-5.2%, while Direxion China CSI Daily Bull 2X CWEB.K advances 10.5%