Progress on US-China trade over the weekend sent stocks soaring on Monday. Some top commentators say tariffs are still a big risk.

Foreign stocks in developed markets ex-US are still the global performance leader by far in 2025, based on a set of ETFs through Monday’s close (May 12).

The U.S. and China have agreed to temporarily rollback on some tariffs. Adam Posen, president of the Peterson Institute for International Economics, puts today’s deal into context.