Investors welcomed the news on Monday that President Donald Trump was backing away from at least some of the devastating tariffs he has imposed on products imported from China.
After more than a month of escalating trade war, China and the U.S. announced a 90-day cooling off period to give the two sides time to negotiate a longer-term solution.
During the pause, the U.S. will impose a 30 percent duty on goods from China, down from 145 percent, Bloomberg reported. China will reduce its tariffs on products made in the U.S. to 10 percent from 125 percent.
The news sent S&P futures soaring by 3 percent on Monday. Equity markets in Asia and Europe also jumped, while oil prices increased, Treasury yields gained and the dollar got stronger.
This is a developing story and will be updated.
