Stock futures on Wall Street surged Sunday evening as the US cited "substantial progress" in trade negotiations with China, raising hopes of a potential deescalation in tensions between the world’s two largest economies.

The US is cutting tariffs on Chinese goods from 145% to 30% while China is chopping its levies on American imports from 125% to 10%.

Stock futures jumped late Sunday after top Trump administration officials said the U.S. and China had “productive” trade negotiations over the weekend, without announcing any further details.