The first round of the Trump tariffs, which still mimicked traditional trade wars, involved mainly Canada, Mexico and China. The second round began with "reciprocal tariffs," which rely on flawed methodologies and mistaken calculations, covering most trading economies worldwide. Then came the huge U. S. retaliatory tariffs, which China countered.

President Donald Trump said China "agreed to open itself up to American business" after the two countries agreed to temporarily slash most of the tariffs on each other's goods.

U.S. futures surged Monday after the U.S. and China announced they were suspending for 90 days most of the sharp tariff hikes each has imposed since U.S. President Donald Trump began escalating his tr...