The U.S. and China had “productive” trade negotiations over the weekend, U.S. officials said Sunday, without announcing any further details.

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

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.

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.

Markets are “uttering a huge sigh of relief” after the two nations agreed to lower most tariffs for 90 days and signaled plans for continuing talks.

Stocks soared — and businesses breathed a sigh of relief — as the U.S. and China agreed to temporarily slash their triple-digit tariffs.