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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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Ex-FDA chief: Pence campaigning after COVID exposure puts others at risk — Mark Meadows: "We are not going to control the pandemic"— COVID-19 looms over White House Halloween celebrations.
  2. Health: 13 states set single-day coronavirus case records last week — Fauci says maybe we should mandate masks if people don't wear themU.S. reports over 80,000 new cases for second consecutive day.
  3. World: Italy tightens restrictions Spain declares new state of emergency.

Amy Coney Barrett's immediate impact

Illustration: Eniola Odetunde/Axios

In her first week on the job, Amy Coney Barrett may be deciding which votes to count in the presidential election. By her third week, she’ll be deciding the fate of the Affordable Care Act.

Where it stands: The Senate votes on Barrett’s nomination tomorrow. If she’s confirmed, Chief Justice John Roberts is expected to swear her in at the Supreme Court within hours, an administration official tells Axios.

Texas Democrats beg Biden to spend now

Photo: Ron Jenkins/Getty Images

The Biden campaign is rebuffing persistent pleas from Texas Democrats to spend at least $10 million in the Lone Star state, several people familiar with the talks tell Axios.

Why it matters: If Texas — which has 38 electoral votes and is steadily getting more blue, but hasn't backed a Democrat for president since 1976 — flipped to the Biden column, it would be game over. But the RealClearPolitics polling average stubbornly hovers at +2.6 for Trump — and Team Biden appears more focused on closer targets.