The temporary lifting of triple-digit trade levies between China and the U.S. while trade talks get under way removes the threat of an immediate stagflationary hit to the economy. This is very good news.

According to the announced deal, the U.S. will lower Trump's reciprocal tariffs on goods coming in from China from 145 percent to 30 percent. China will also lower its tariff on U.S. exports to the country from 125 percent to 10 percent. Each side has basically knocked their tariffs down by 115 percent.

Progress on US-China trade over the weekend sent stocks soaring on Monday. However, some top commentators warn that tariffs are still a big risk.