European stocks close higher after U.S.-China deal to cut tariffs

European stock markets closed higher Monday following the White House's announcement that the U.S. and China had agreed to slash tariffs.

The Stoxx 600 closed up by 1.1% provisionally, with mining stocks rallying nearly 5% to lead the gains. The U.K.’s FTSE 100 was 0.6% higher as France’s CAC 40 moved up 1.4% and Germany’s DAX climbed 0.2%.

U.S. Treasury Secretary Scott Bessent said on Monday that talks with China had been “very productive.”

The agreement to suspend most tariffs for 90 days shows a thawing of trade tensions between the world’s two largest economies.

U.S. stocks opened sharply higher and Asia-Pacific markets rose as a result of comments from the White House on Sunday that a “trade deal” with China had been reached.

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