BRUSSELS (Reuters) -The EU is weighing a temporary return to its pre-war trade agreement with Ukraine if a renegotiated deal is not ready to take effect when war-related tariff suspensions expire on June 5, EU diplomats said on Wednesday.

The White House announced a "China trade deal" in a May 11 statement, but did not disclose details. The apparent agreement came together sooner than most observers expected after Trump's 145% tariffs on Chinese imports virtually halted $600 billion in annual trade between the world's two largest economies.

When U.S. Treasury Secretary Scott Bessent this week said Switzerland and Britain had jumped to the front of the queue for a trade deal with the United States, he warned the European Union it was moving "much slower".

As the U.S. and China negotiate a trade deal, Trump has lowered a levy on “de minimis” low-value packages, such as online shopping from Shein or Temu.

The de-escalation provides both sides with breathing space to find a way to preserve trading ties that were threatening to grind to a halt.

Representatives from China and the U.S. met for a second day Sunday to discuss trade policies amid fallout from President Donald Trump’s tariff plan.

Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer told reporters that more details would be provided on Monday.

There’s more to Monday’s soaring stocks than the pause in crushing China tariffs.

China hailed a trade agreement with the U.S. that will see both sides sharply reduce their tariffs for 90 days, calling it an "important step" that could lead to "deepening cooperation" between the world's two largest economies.

The US and China's trade deal sent the market skyrocketing, but the brightest minds on Wall Street aren't all as optimistic.

"That is leading us to put some cash to work," the lead portfolio manager for TheStreet Pro Portfolio said. After two days of negotiations in Switzerland, the U.S. and China agreed to temporarily slash their steep tariffs on each other.