The G20 summit "family photo." Photo: Daniel Jayo/Getty Images

Global markets surged Monday morning on news that President Trump and Chinese President Xi Jinping had reached a 90-day ceasefire in their high-stakes trade war, issuing relief for businesses who had scrambled to cushion the blow from heightened tariffs on $200 billion worth of goods originally slated for Jan. 1, the WSJ reports.

Yes, but: That relief is temporary. As the Journal's Bob Davis notes, Trump and Xi didn't reach a resolution on some of the major differences that had set off the trade war in the first place, including forced technology transfers, intellectual property theft, non-tariff barriers to Chinese markets and cyberespionage.

What's next: David Dol­lar, a Brook­ings In­sti­tu­tion China scholar who was the Trea­sury De­part­ment’s rep­re­sen­ta­tive in Bei­jing under Obama, tells the Journal: "If the economy slows down, it’s very unlikely U.S. will ever ratchet up tariffs. But if the U.S. economy is roaring and the negotiations are especially frustrating, 90 days from now we could be headed into a serious trade war."

Go deeper: A month of China and the wall could define the Trump presidency

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Updated 56 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 4 p.m. ET: 19,720,406 — Total deaths: 728,176 — Total recoveries — 11,970,444Map.
  2. U.S.: Total confirmed cases as of 4 p.m. ET: 5,032,299 — Total deaths: 162,751 — Total recoveries: 1,643,118 — Total tests: 61,080,587Map.
  3. Politics: Pelosi says states don't have the funds to comply with Trump's executive order on unemployment — Mnuchin says Trump executive orders were cleared by Justice Department.
  4. Public health: Ex-FDA head: U.S. will "definitely" see 200,000 to 300,000 virus deaths by end of 2020 — Fauci says chances are "not great" that COVID-19 vaccine will be 98% effective.
  5. Schools: Nine test positive at Georgia school where photo showing packed hallway went viral — How back-to-school is playing out in the South as coronavirus rages on.

Poll shows Biden leading Trump in Wisconsin and Pennsylvania

Photo: Doug Mills-Pool/Getty Images

Joe Biden leads President Trump 48% to 42% in Wisconsin and 49% to 43% in Pennsylvania, according to the latest CBS/YouGov Battleground Tracker poll.

Why it matters: Trump's surprise wins in the two states, where many voters broke his way after deciding the week before the election, helped propel him to an Electoral College victory over Hillary Clinton. Trump won Wisconsin with 47% of the vote and Pennsylvania with 48% in 2016, according to the New York Times.

Blumenthal calls classified briefing on Russian interference "absolutely chilling"

Sen. Richard Blumenthal (D- Conn.) called on the Trump administration to declassify intelligence detailing Russian efforts to influence the 2020 elections, telling MSNBC on Sunday that the classified briefing lawmakers received about the Kremlin's activities last week was "absolutely chilling."

The big picture: National Counterintelligence and Security Center Director William Evanina said in a statement Friday that the Russian government is "using a range of measures" to "denigrate" Joe Biden ahead of the election. China and Iran would prefer that Trump is defeated, according to Evanina.