US stock futures surged after President Donald Trump’s top trade officials brokered a surprisingly dramatic de-escalation in trade tensions with China over the weekend, dropping tariffs to much lower levels,

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.

Stock futures rocketed higher Monday after the U.S. and China announced an agreement to reduce their reciprocal tariffs, offering a sense of relief for investors who'd feared a significant economic downturn from President Donald Trump's trade policies.