In an agreement announced Monday, both countries will roll back reciprocal tariffs to a 10% rate for a 90-day period beginning Wednesday. Other, sector-specific U.S. trade levies on steel, aluminum and automobiles will remain in place, as will a 20% tariff announced by President Donald Trump earlier this year to address fentanyl trafficking.

Hong Kong's benchmark Hang Seng Index closed 3% higher after both the U.S. and China chose to de-escalate a budding trade war.