Shares of Amazon (NASDAQ: AMZN) ripped higher nearly 8% as of 11:06 a.m. ET today, after officials from the U.S. and China agreed to pause extremely high tariff levels against one another over the weekend.

The U.S.-China tariff deal sent the tech-heavy Nasdaq soaring, entering a bull market, and economists are optimistic that the U.S. may dodge a recession.

The talks in Switzerland resulted in significant cuts to the tit-for-tat tariffs that had been stacked up since January on both sides. The US will lower those tariffs from 145% to 30%, while China's retaliatory tariffs on US goods will drop to 10% from 125%.