Stocks soared Monday morning after the Trump administration and China announced they would temporarily slash steep tariffs on each other’s goods. The Dow Jones Industrial Average rose more than

President Donald Trump is touting a dramatic de-escalation of his trade war, calling it a “total reset” with China after negotiations over the weekend lowered tariffs from 145% to 30% for three months.

The Trump administration agreed after talks in Switzerland to pare back its 145 percent in tariffs charged on imports from China to 30 percent.

Stocks rallied Monday after China and the United States announced a 90-day truce in their trade war. Each of the world’s two largest economies agreed to take down temporarily most of its tariffs against the other,

President Donald Trump got some good news this week related to his trade war with the world. First, he secured a 90-day tariff truce with China – breathing room to negotiate further. Then, newly released inflation figures suggested his import duties have not really raised prices for American consumers – yet.

The president has backtracked repeatedly on his tariff policies, creating a whiplash with downsides and few clear benefits so far.

Ninety days isn’t much time to reach a trade deal, especially one between two adversaries with as many disagreements as the U.S. and China. But Chinese Vice Premier He Lifeng acknowledged