U.S. markets soared Thursday on news the United States and China have agreed to hold new trade talks.
The Dow Jones industrial average climbed 372 points. The Standard & Poor’s 500 Index was also up more than 1 percent, while the Nasdaq composite rose nearly 2 percent.
New tariffs on U.S. and Chinese imports and uncertainty about whether there would be another high-level meeting have rattled investors’ nerves in recent months.
China announced early Thursday that Washington would host new senior-level talks in early October.
Beijing’s commerce ministry said Vice Premier Liu He, U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin agreed to the meeting during a phone call.
The trade representative’s office did not give a date, saying only that there would be a meeting in “the coming weeks.”
Both sides will hold deputy-level talks this month, which China said would “lay the groundwork for meaningful progress.” There have been no top-level talks between the U.S. and China since July.
In the meantime, both sides continued their tit-for-tat trade war this week.
President Donald Trump imposed 15% tariffs on about $112 billion worth of Chinese goods this past Sunday, meaning U.S. shoppers can look for higher prices on some foods, sports equipment, sportswear, musical instruments and furniture.
China has countered with tariffs as high as 10% on U.S. goods including corn, pork, marble and bicycle tires.