Shares of many companies that source at least some of their goods from China are surging on Monday as U.S. and Chinese officials announced that they had reached a deal to roll back most of their recent tariffs and called a 90-day truce in their trade war to allow for more talks on resolving their trade disputes.
U.S. Trade Representative Jamieson Greer said the U.S. agreed to drop its 145% tariff rate on Chinese goods by 115 percentage points to 30%, while China agreed to lower its rate on U.S. goods by the same amount to 10%.
There's still big challenges remaining in the negotiations between China and the United States, but the mood nevertheless was ebullient across Wall Street on Monday, and gains were widespread.
Here's a look at some of the sectors impacted by the U.S.-China tariff announcement.
Footwear and Athletic Gear
Many of these companies have some of their production in China and elsewhere in Asia. About 97% of the clothes and shoes purchased in the U.S. are imported, predominantly from Asia, the American Apparel & Footwear Association said last month, citing its most recent data.
Nike, up 6.7%
Foot Locker, up 10.1%