Stocks surge after U.S. and China agree to 90 day tariff reduction, Apple up over 6%

(Credit: Pete Marovich—Getty Images)

• The U.S. and Chinese governments announced temporary relief to their trade war, though exact details must still be hammered out over the next few months.

The world's two superpowers have reached an accord on their bruising trade war—for 90 days, at least. On Monday, the U.S. and Chinese governments announced they had agreed to slash reciprocal tariffs for 90 days as they continue to hammer out details on a broader deal. Markets soared on the news, with the S&P 500 gaining 3.26%.