Over the weekend in Geneva, US and Chinese officials issued a joint statement agreeing to a 90-day truce in their trade war. The US will cut tariffs on Chinese goods from 145% to 30%, while China will reduce from 125% to 10%.

U.S. stock index futures jumped on Monday after the United States and China reached a deal to reduce tariffs, signaling a truce in a punishing trade war that had kept markets on edge for weeks. The United States will cut extra tariffs it imposed on Chinese imports in April this year to 30% from 145% and Chinese duties on U.