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Nikkei Markets

Hong Kong shares jump after Trump-Xi trade truce

US president's tweet on cut in auto import tariffs follows rise in carmakers' shares

HONG KONG (Nikkei Markets) -- Hong Kong shares kicked off December on an upbeat note as investors cheered a U.S.-China agreement over the weekend to take a pause in their tariff war.

The Hang Seng Index added 2.7% to 27,217.25 by noon, poised for its best day in a month. Washington agreed to hold off on any further increases in duties on goods imported from China for a period of 90 days, following a meeting at the G-20 summit in Argentina between President Donald Trump and Chinese President Xi Jinping. The U.S. was to raise tariffs on $200 billion of Chinese goods to 25% from 10% at present from Jan. 1. Beijing has also agreed to purchase a "very substantial" amount of agricultural and other products from the U.S.

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