But on Monday, Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer said the two sides had agreed to a 90-day tariff truce of sorts, with the U.S. dropping duties on Chinese goods to 30% and Beijing cutting import taxes on U.S. products to 10%.

President Donald Trump’s agreement with China to temporarily slash tariffs for 90 days offered the world a bit of welcome relief. The Trump administration agreed after talks this weekend in Switzerland to pare back its 145% in tariffs charged on imports from China to 30%.

An idea of a "Trump put" regained steam Monday following more than a month of hard-to-digest volatility brought on by the president's trade war. "There is optimism floating out there amongst the icebergs of uncertainty that the president won't let this get out of hand and throw us into a recession,