There’s more to Monday’s soaring stocks than the pause in crushing China tariffs.

Global markets rose after the US and China slashed tariffs for 90 days in a significant de-escalation of the trade war. The US will cut the additional tariffs imposed on Chinese goods to 30 per cent from 145 per cent while Chinese duties on US imports will fall to 10 per cent from 125 per cent, the two countries announced on Monday.

The 145 percent U.S. tariff on Chinese goods will come down to 30 percent under the deal. The U.S. Treasury secretary said “neither side wanted a decoupling.”