Chinese ADRs and ETFs jumped in Monday trading. CWEB up 10%; YINN, PDD Holdings rose 8%; XPeng rose 7%; Alibaba, JD.com, NIO rose 6%; Li Auto rose 5%.

The meetings between the U.S. and China in Switzerland produced a mechanism to negotiate a more permanent agreement and to prevent the ratcheting up of tariffs that took place soon after President Donald Trump's April 2 tariffs, Treasury Secretary Scott Bessent said Monday in an interview on CNBC.

"The good thing is we had a plan, and we had a process...Now we have a mechanism for further negotiations," he said. "I imagine in the next few weeks we'll meet again to get rolling on a more permanent agreement."

The interview followed the agreement that the two countries negotiated over the weekend to slash their steep tariffs for 90 days. The U.S. will cut its additional tariffs on China to 30% from 145%, while China will reduce its tariffs on U.S. imports to 10% from 125%. Tariffs on Chinese goods that were in place before April 2 will remain, Bessent said.