The world’s two biggest economies agreed to a temporary rollback of most of their recent levies after negotiating in Switzerland over the weekend.

Global markets were lifted after the US and China substantially reduced tariffs imposed as part of a trade war between the world’s two largest economies.

Stock futures on Wall Street surged Sunday evening as the US cited "substantial progress" in trade negotiations with China, raising hopes of a potential deescalation in tensions between the world’s two largest economies.