US big banks rise as US-China trade war softens

Shares of big U.S. banks rise premarket as investors welcome the temporary slashing of tariffs by the two biggest world economies, signaling de-escalation of a trade war that has stoked fears of recession and roiled financial markets

Goldman Sachs up 5.1%, Bank of America up 4.5%, and Citigroup up 4%

Wells Fargo rises 3.8%, Morgan Stanley up 3.7% and JPMorgan Chase up 3.5%

Dealmaking has been stalled as President Trump's whiplash tariff policy fueled uncertainty and fear across the financial markets

The U.S. will cut extra tariffs it imposed on Chinese imports in April this year to 30% from 145% and Chinese duties on U.S. imports will fall to 10% from 125%

The new measures are effective for 90 days