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.

The world’s two biggest economies agreed to a temporary rollback of most of their recent levies after negotiating in Switzerland over the weekend.

Both sides are hailing the temporary reprieve, which will cut U.S. duties on Chinese goods to 30 percent, but analysts say underlying issues remain.

Steep tariffs had essentially created an embargo on soybeans, meat, cotton and other agricultural products moving from the U.S to China. And news of a 90-day pause is easing some of the farm economy’s angst. North Dakota soybean farmer Josh Gackle made some time for me from the tractor on Monday morning.

Financial markets gave their initial reaction to tariff talks between the U.S. and China over the weekend. While neither side announced anything about tariffs, the White House hinted at a deal to help address America's global trade deficit,