The Globe and Mail reports in its Tuesday edition that an agreement between the United States and China to de-escalate their trade war sent stock markets sharply higher on Monday, reflecting expectations that the world's two largest economies are moving past the most acute phase of their conflict. The Globe's Mark Rendell writes that Washington and Beijing agreed to a 90-day pause on the most severe tariffs each country had imposed on the other in recent months, and said they would continue negotiating a broader trade deal. The agreement temporarily reduces U.S. tariffs on Chinese goods to 30 per cent from 145 per cent, and lowers Chinese levies on U.S. products to 10 per cent from 125 per cent. The breakthrough, following talks over the weekend in Geneva, follows months of tit-for-tat escalation between the two countries. It marks a significant about-face in President Donald Trump's global trade war. Economists say the thaw with China appears to mark the end of the most perilous phase of Mr. Trump's global trade war. "I'm not sure I characterize that as great news. It's certainly better than where we were six weeks ago. But it's still not a great environment for global trade," said BMO chief economist Douglas Porter.