The US dollar rose against most major rivals on Monday as the risk appetite improved and investors shunned safe havens following the US-China trade deal.

The US and China announced a massive cut in reciprocal tariffs for 90 days amid efforts to contain trade tensions and reach a resolution.

According to the temporary agreement, the US will cut tariffs from 145% to 30%, including a 20% tariff related to fentanyl, while China will cut tariffs from 125% to 10%.

US Treasury Secretary Scott Bessent hailed the very productive talks with Chinese counterparts, and praised the place of negotiations besides the serene Geneva lake.

Bessent asserted the tariff pause will carry on for 90 days with both sides cutting tariffs by 115%.

Bessent said cutting tariffs below 10% wouldnt be feasible, but the level specified by President Trump in early April at 34% would be a ceiling.

He said a partial removal of fentanyl tariffs is possible if China cooperates in finding a solution to the crisis.

Otherwise, the dollar index rose 1.5%% as of 18:52 GMT to 101.8, with a session-high at 101.9, and a low at 100.5.

Aussie

The Australian dollar fell 0.8% against the US counterpart as of 19:07 GMT to $0.6361.

Loonie

The Canadian dollar shed 0.5% against its US counterpart as of 19:07 GMT to $0.7138.

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