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.

The implication is that the baseline 10% tariff will likely stay in place globally but there can be industry-specific carve-outs. That’s good news for stocks.