The upbeat trading mood in stocks arrived following Beijing and Washington finally agreeing to back off on their trading threats. U.S. Treasury Secretary Steven Mnuchin said on Sunday the U.S. Administration would put the trade war with China on hold, although the two nations will work towards reducing the U.S.’s trade deficit with the Chinese.
Both nations said they’d agreed to substantially lessen the U.S.Trade deficit with China in a joint statement on Saturday. In accordance with the statement, China would significantly increase its purchases of U.S. Merchandise and services, but it remained unclear just how much that could amount to.