SoundHound AI Stock Is Rising Monday: What's Going On?

SoundHound AI Inc. SOUN stock is trading higher Monday after the U.S. and China agreed to a temporary reduction in most tariffs on each other’s goods.

What To Know: The trade deal will lower U.S. tariffs on Chinese imports from 145% to 30% and Chinese levies on U.S. goods from 125% to 10% for a three-month period, according to The Washington Post.

Bessent said in a news conference that, "The consensus from both delegations this weekend is that neither side wants a decoupling, and what had occurred with these very high tariffs was the equivalent of a trade embargo, and neither side wants that.” Bessent further added that both sides want more balanced trade.

The current 30% U.S. tariff on Chinese goods includes a 10% base rate and an additional 20% imposed by President Trump in response to concerns about China’s production of fentanyl-related chemicals.

The U.S. is also reportedly pushing for increased Chinese purchases of American goods.

SoundHound stock may be trading higher as the tariff reduction could boost optimism that improved U.S.-China relations will strengthen global economic conditions.

Related Link: SoundHound AI Expansion In Autos And Dining, Plus Q4 Profit Target, Fuels Bullish Analyst View

SOUN Price Action: At the time of writing, SoundHound shares are trading 21.6% higher at $10.92, according to data from Benzinga Pro.

Image: via Shutterstock