GENEVA — The United States and China have agreed to temporarily slash reciprocal tariffs in a deal that surpassed expectations as the world’s two biggest economies seek to end a damaging trade war that has stoked fears of recession and roiled financial markets.

Questions about the longevity and future prospects of a U.S.-China trade deal gave gold a boost, with the front-month futures contract closing up 0.6% to $3,240.30 a troy ounce. "Despite the de-escalation in tensions between the U.

Oil futures added to last week’s gains as the U.S. and China agreed to slash tariffs for 90 days, but settle off the day’s highs as talks on Iran’s nuclear program and the Russia-Ukraine war keep open the possibility of sanctions eventually being lifted.

Asia stock markets traded higher on Monday following substantial progress in U.S.-China trade talks on Sunday. Traders awaited further details from the negotiations, which were expected to be announced on Monday.

Asian shares are higher after two days of trade talks between China and the U_S_ made what the U_S_ side said was "substantial progress."

Trump administration announced a “trade deal” with China following negotiations over the weekend in Switzerland.

Trump’s top trade officials will meet in Switzerland this week with China to discuss a de-escalation. The future of the global economy is riding on their success.

Stocks rallied Monday after China and the United States announced a 90-day truce in their trade war. Each of the world’s two largest economies agreed to take down temporarily most of its tariffs against the other,