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02/12/ · A cease fire is better than a trade war, and stocks and oil jumped higher after the United States and China said they would hold off on further tariffs and continue talking about their differences.

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Steel rebar futures in Shanghai, one of the most heavily traded commodity contracts in China, have declined for four straight weeks, while iron ore futures on Tuesday dropped to their lowest level.

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How Google got its start. Stocks jumped higher around the world on Monday after the United States and China said they would hold fire on further tariffs for the time being and try to settle their differences through talks. Major indexes in Hong Kong and Shanghai leaped more than 2. Trump and Xi celebrate warm talks but remain far away from a final deal on trade. Other riskier assets also got a lift. US President Donald Trump and his Chinese counterpart, Xi Jinping, agreed on Saturday to a temporary truce in the trade clash between the two countries.

In exchange, China said it was willing to purchase a "very substantial" amount of agriculture, energy and other goods from the United States to help reduce the massive trade imbalance between the world's top two economies. Trump tweeted late Sunday that China has also agreed to "reduce and remove" tariffs on imports of American cars.

The trade ceasefire is widely viewed by analysts as merely kicking the can down the road in the complex dispute between the two sides. Trump says China will cut tariffs on American cars.