Investors are psyched over the US and China tariff reprieve, and Hungary might block the EU’s plans to continue sanctioning Russia, but Brussels has a plan B. Plus, Microsoft is complicating OpenAI’s already messy restructuring. I’m Marc Filippino, and here’s the news you need to start your day.

• China trade war: The US and China have agreed to drastically roll back tariffs on each other’s goods for an initial 90-day period, according to a joint statement from the two countries. The announcement comes after a weekend of marathon trade negotiations by officials from the world’s two largest economies.