The stiff retaliatory tariffs between U.S. and China, with 145% fees on many Chinese goods coming into the U.S. and a 125% rate on U.S. exports to China, had chilled the international shipping industry as many businesses on both sides of the Pacific pushed pause on orders and procurement thanks to the ultra-high levies.

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