Officials in Beijing said they want the Trump administration to “show sincerity,” as it evaluates efforts by the U.S. to start trade negotiations.

GENEVA — The United States and China have agreed to temporarily slash reciprocal tariffs in a deal that surpassed expectations as the world’s two biggest economies seek to end a damaging trade war that has stoked fears of recession and roiled financial markets.

In a sign of investor relief that the worst of a U.S.-China trade war might be averted, U.S. stock futures rose on Sunday evening. The S&P 500 E-minis rose 1.3%, while Nasdaq futures added 1.6%.

Global stock markets were up—along with the dollar—with sentiment further buoyed by the prospect that the Trump administration will announce a trade-deal framework with the U.K.

SYDNEY (Reuters) -Wall Street stock futures climbed and the dollar firmed against safe haven peers on Monday as signs of progress in U.S.-China trade talks boosted hopes a global recession might be avoided,