President Donald Trump's plan for tariffs on imports has guided the stock market's direction over the past few weeks. The initial plan, with double-digit tariffs for countries around the world, shook the market, even pushing the Nasdaq Composite ( ^IXIC 1.61%) to fall into a bear market.

The world’s two biggest economies agreed to a temporary rollback of most of their recent levies after negotiating in Switzerland over the weekend.

Both sides are hailing the temporary reprieve, which will cut U.S. duties on Chinese goods to 30 percent, but analysts say underlying issues remain.