Alibaba stock soared along with other Chinese shares on Monday after the U.S. and China brokered a deal to slash tariffs on each other’s imports for the next 90 days. But there was more to Alibaba’s move than simply the deal.

Yes, Chinese stocks of all stripes were climbing on Monday following the announcement of a 90-day pause on most tariffs between the U.S. and China. American depositary receipts for the online retailer Alibaba Group jumped 58%. Rival e-commerce company JD.com was also up 6.5%, and ADRs for search-engine provider Baidu climbed 5.1%.

Shares of electric-vehicle makers also rose. XPeng ADRs gained 7.6%, while NIO climbed 5.8% and Li Auto added 6.6%.

The stocks were racking up gains after officials from Washington and Beijing said they had agreed a deal to cut tariffs for 90 days as trade negotiations continue. The U.S. will slash the rate of the reciprocal tariffs it has imposed on Chinese goods to 10% from 125%, and China will likewise reduce its retaliatory levy on U.S. imports to 10% from 125%.

Alibaba also held its Aliday event over the weekend ahead of its earnings release on May 15. At the event, Alibaba Group Chairman Joseph Tsai highlighted the importance of artificial intelligence, which would be the “key driver of company’s operation in the next three to five years,” according to Citi analyst Alicia Yap. “[Every] business of Alibaba will closely integrate with AI as the company believes with AI application, not only does it help optimizing search recommendation, it could also create and define new user entrances in different services”

Hong Kong’s Hang Seng Index closed 3% higher, meaning it has now clawed back all its losses since President Donald Trump announced his “Liberation Day” tariffs on April 2. The mainland CSI 300 gauge rose 1.2%, and the Shanghai Composite was up 0.8%.