The new U.S. envoy to China, Ambassador David Perdue is a former champion of global trade turned China hawk who will emphasize his close ties to President Donald Trump as he seeks to restore crucial lines of communication between Washington and Beijing.

The White House announced a "China trade deal" in a May 11 statement, but did not disclose details. The apparent agreement came together sooner than most observers expected after Trump's 145% tariffs on Chinese imports virtually halted $600 billion in annual trade between the world's two largest economies.

China’s percentage of U.S. trade hit 7.65% in March, the latest government data available, the lowest figure since 2003. That was before Trump's April 2 "Liberation Day."

Progress on US-China trade over the weekend sent stocks soaring on Monday. Some top commentators say tariffs are still a big risk.

U.S. stocks soared Monday as investors celebrated major progress on a U.S.-China trade deal. The Dow added over 1,100 points, exiting correction territory, while the Nasdaq Composite began a fresh bull market.

The U.S. agreed to cut tariffs on Chinese goods from 145% to 30%, while China committed to reduce tariffs on U.S. products from 125% to 10%. The lowered tariffs will remain in place for 90 days while the two sides negotiate a wider trade deal.

Trade experts anticipate a spike in trade during talks and a substantial deal, but the risk of inflation and economic slowdown may not be over.

There’s more to Monday’s soaring stocks than the pause in crushing China tariffs.

China hailed a trade agreement with the U.S. that will see both sides sharply reduce their tariffs for 90 days, calling it an "important step" that could lead to "deepening cooperation" between the world's two largest economies.

I’m Malcolm Scott, international economics enterprise editor in Sydney. Today we’re looking at key takeaways from the US-China trade truce. Send us feedback and tips to [email protected]. And if you aren’t yet signed up to receive this newsletter,

Former Fed president Bill Dudley warned that the central bank risks mistiming interest rate cuts if the economy stumbles into a recession.