Significant profits are made by Wall Street’s main stock markets on Monday, As the US and China have agreed to temporarily reduce duties After negotiations at the weekend in Switzerland.

US Finance Minister Scott Bessed said on Monday that talks with China were “very productive” and the two countries agreed to reduce “mutual” duties by 115% for 90 days. Thus, US tariffs on Chinese products are reduced to 30% and Chinese tariffs on US imports to 10%.

Bessent told CNBC on Monday that he is expecting to meet with Beijing representatives in the coming weeks to reach a larger agreement.

Tensions between China and the US were fired when US President Donald Trump announced 145% duties last month to imported goods from China. Beijing then retaliated with 125% of its own tariffs aimed at US goods.

“We believe that the maximum uncertainty about trade has passed, but market volatility is likely to remain,” the UBS chief for fixed income Kurt Reiman said.

In this climate, Dow Jones earns 2.19% or 901 points at 42,150 points, the S&P 500 is boosted by 2.50% or 141 points to 5,801 points and Nasdaq jumps 3.47% or 622 points at 18,553 points.