The Kenyan shilling will face new pressures as the US dollar begins to surge after the United States and China agree to lower tariffs in a deal hammered out in Geneva over the weekend.
In the deal announced on Monday, May 12, the two countries that have been in a trade war for the last two months agreed to lower tariffs, a move that is likely to impact the global economy.
As part of an agreement, the US will lower tariffs on Chinese goods to 30 per cent from the current 145 per cent, and China will reduce duties on US imports to 10 per cent from 125 per cent.
US Treasury Secretary Scott Bessent indicated that an agreement has been reached with China on a 90-day pause, which is expected to take effect from May 14.
