China hailed a trade agreement with the U.S. that will see both sides sharply reduce their tariffs for 90 days, calling it an "important step" that could lead to "deepening cooperation" between the world's two largest economies.

Progress on US-China trade over the weekend sent stocks soaring on Monday. Some top commentators say tariffs are still a big risk.

The U.S. agreed to cut tariffs on Chinese goods from 145% to 30%, while China committed to reduce tariffs on U.S. products from 125% to 10%. The lowered tariffs will remain in place for 90 days while the two sides negotiate a wider trade deal.

U.S. soybean exports may drop 20% and the prices paid to farmers will plunge if the United States and China fail to resolve their trade dispute limiting U.S. soybeans from their largest market, agribusiness consultants AgResource said on Wednesday.

Treasury Secretary Scott Bessent told reporters the two sides had agreed on a 90 day pause on measures and that tariffs would come down by over 100 percentage points to 10%.

The US pushed back strongly against the idea of countries retaliating against their tariffs. China did the most and currently has the same baseline 10% tariff as the rest of the world. So the US now has the problem. Why would any ally who did not retaliate expect to get worse than China, who did?

Prices will plunge if the United States and China fail to resolve their trade dispute limiting U.S. soybeans from their largest market, agribusiness consultancy AgResource said.

Online shoppers in the U.S. will see a price break on their purchases valued at less than $800 and shipped from China after the Trump administration reached a truce with Beijing over sky-high tariffs.

A trade deal to start the week will likely overshadow the planned events on this week's economic and earnings calendar.

Former Fed president Bill Dudley warned that the central bank risks mistiming interest rate cuts if the economy stumbles into a recession.