The de-escalation gives both sides breathing space to find a way to preserve a trading relationship that was threatening to grind to a halt.

Progress on US-China trade over the weekend sent stocks soaring on Monday. However, some top commentators warn that tariffs are still a big risk.

Stocks are soaring and trade tensions are deflating after the U.S. and China agreed to cut tariffs on one another temporarily — but there are a few sectors in which Americans could still feel the pain of higher levies longer term.