US stock futures surged even higher on Monday after the US and China said they have agreed to slash most tariffs for 90 days while further trade talks take place. Stocks were already making gains over after the US said it had made "substantial progress" in weekend trade talks with China,

The S&P 500 climbed by 2.8% on Monday, May 12, 2025 as investors reviewed the trade deal between the U.S. and China that significantly reduces tariffs for 90 days as negotiations continue.

The stiff retaliatory tariffs between U.S. and China, with 145% fees on many Chinese goods coming into the U.S. and a 125% rate on U.S. exports to China, had chilled the international shipping industry as many businesses on both sides of the Pacific pushed pause on orders and procurement thanks to the ultra-high levies.