The White House announced a "China trade deal" in a May 11 statement, but did not disclose details. The apparent agreement came together sooner than most observers expected after Trump's 145% tariffs on Chinese imports virtually halted $600 billion in annual trade between the world's two largest economies.

Former Fed president Bill Dudley warned that the central bank risks mistiming interest rate cuts if the economy stumbles into a recession.

The U.S. agreed to cut tariffs on Chinese goods from 145% to 30%, while China committed to reduce tariffs on U.S. products from 125% to 10%. The lowered tariffs will remain in place for 90 days while the two sides negotiate a wider trade deal.

Today’s 4% surge across the board represents what you might call the “final bake”. The full market value of the tariff deal now officially priced into stocks. Not surprisingly, stocks rallied back to levels slightly above where we stood when tariff volatility began in early April.

The de-escalation provides both sides with breathing space to find a way to preserve trading ties that were threatening to grind to a halt.

Chinese state media — and many outside analysts — declared Beijing had won round one of the trade war after the Trump administration rolled back many tariffs.

China hailed a trade agreement with the U.S. that will see both sides sharply reduce their tariffs for 90 days, calling it an "important step" that could lead to "deepening cooperation" between the world's two largest economies.

There’s more to Monday’s soaring stocks than the pause in crushing China tariffs.

Since last weekend's pause on tariffs with China was announced, stocks have been steadily regaining ground lost in April.

President Donald Trump hailed a “total reset” in trade relations between the U.S. and China. But other trading partners may not find negotiations quite so smooth. To many, China may have appeared the toughest agreement to reach but Trump suggested otherwise, taking aim at the European Union Monday.