The U.S. agreed to drop its 145% tariff rate on Chinese goods to 30%, while China agreed to lower its rate on U.S. goods to 10%.

U.S. stock futures soared, the dollar hit a one-month high and Treasury yields rose early Monday in Europe after the U.S. and China agreed to suspend most tariffs.

The United States and China announced Monday an agreement to drastically reduce tit-for-tat tariffs for 90 days, de-escalating a trade war that has roiled financial markets and raised fears of a global economic downturn.