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U.S. stocks are leaping Monday after China and the United States announced a 90-day truce in their trade war. Each of the world's two largest economies agreed to take down temporarily most of its tariffs against the other, which economists had warned could start a recession and create shortages on U.S. store shelves.
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Deal stokes optimism among investors that Donald Trump will de-escalate trade war
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For a few tense days last month, it looked like a roaring bull market for U.S. stocks was coming to an end after an impressive 2½ year run.
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Shares of Mattel, Hasbro, Jakks and Funko rallied on Monday after the U.S. agreed to temporarily reduce tariffs on China.
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The temporary reprieve will slash the U.S. tariff on Chinese goods from 145 percent to 30 percent.
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Stocks soared — and businesses breathed a sigh of relief — as the U.S. and China agreed to temporarily slash their triple-digit tariffs.
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