Progress on US-China trade over the weekend sent stocks soaring on Monday. Some top commentators say tariffs are still a big risk.

U.S. Trade Representative Jamieson Greer said the U.S. agreed to drop its 145 percent tariff rate on Chinese goods to 30 percent.

According to the announced deal, the U.S. will lower Trump's reciprocal tariffs on goods coming in from China from 145 percent to 30 percent. China will also lower its tariff on U.S. exports to the country from 125 percent to 10 percent. Each side has basically knocked their tariffs down by 115 percent.