US and Chinese officials said they had reached a deal to roll back most of their recent tariffs and call a 90-day truce in their trade war for more talks on resolving their trade disputes.

Shares of many companies that source at least some of their goods from China are surging on Monday as U.S. and Chinese officials announced that they had reached a deal to roll back most of their recent tariffs and called a 90-day truce in their trade war to allow for more talks on resolving their trade disputes.

The Trump administration says it intends to develop a 'mechanism' that will 'rebalance' the U.S. trade relationship with China — a task that has eluded presidents for decades.