U.S. stock index futures jumped on Monday after the United States and China said they had reached a deal to reduce tariffs, easing concerns of an all-out trade war that had gripped global markets. Speaking after talks with Chinese officials in Geneva,

A deal with China is seen as a relief for investors who worried tariffs as high as 145% would severely limit trade, raise prices and hurt the U.S. economy.

Stock futures jumped late Sunday after top Trump administration officials said the U.S. and China had “productive” trade negotiations over the weekend, without announcing any further details.