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.

The US and China's trade deal sent the market skyrocketing, but the brightest minds on Wall Street aren't all as optimistic.

White House officials indicated they were eager to negotiate, even as they insisted the U.S. would not unilaterally lower the duties without concessions from the Chinese.