The easing of trade tensions between the United States and China is a step in the right direction and helps reduce European fears of being flooded with Chinese goods redirected from the U.S. market, European Economic Commissioner Valdis Dombrovskis said.

European markets breathed a sigh of relief after the on-again, off-again global trade war inspired by President Donald Trump was put on pause. The US and China will temporarily lower tariffs on each other’s products,

ROME - European stocks surged Monday as investors breathed a sigh of relief after China and the United States announced a series of tariff modification measures aimed at easing trade tensions between the world's two largest economies.

The Trump administration and China have agreed to slash tariffs for the next 90 days in a push to deescalate a trade war between the two countries.

By Sukriti Gupta (Reuters) -European shares rose on Monday after the United States and China said they have agreed on a deal to slash reciprocal tariffs, giving investors some confidence that a full-scale trade war may have been averted.

The United States and China said on Monday they have agreed a deal to slash reciprocal tariffs as Washington and Beijing seek to end a trade war that has disrupted the global economy and set financial markets on edge.