US stocks surged to close near the highs of the session on Monday after a US-China deal to temporarily slash reciprocal tariffs offered relief to markets worried about a trade war. Wall Street notched a banner day after the US and China put tariffs on pause for 90 days,

The Trump Administration agreed on a pause in its tariffs war with China over the weekend. For the next 90 days at least, China will lower tariffs on imported U.S. goods to 10%, and the U.S. will cut tariffs on imported Chinese goods to 30%.

A US-China trade deal that will cut tariffs has caused US stock markets to rocket. The futures market tips Australia's stock index will also rise. Follow live.