Futures for Canada's main stock index surged on Monday, after the United States and China agreed to temporarily slash reciprocal tariffs, bolstering investor optimism and easing fears of an all-out trade war unsettling global markets.

Investors were optimistic after American officials touted progress in trade negotiations over the weekend, though details had yet to be released.

A deal with China is seen as a relief for investors who worried tariffs as high as 145% would severely limit trade, raise prices and hurt the U.S. economy.