The rollback, issued early last Saturday, may end up being short-lived after President Donald Trump said these goods were simply being moved into a different tariff group or "bucket".

In Europe, the UK's FTSE 100 closed up 2.1% while the main stock indexes in France and Germany both climbed.

Despite the partial rebound, global stock markets are still lower than before Trump's "Liberation Day" tariffs announcement on 2 April.

The main US and European stock markets suffered historic falls followed by record rises after Trump suspended many tariffs for 90 days.

Most imports from China to the US had faced a levy of 145% under Trump's new trade regime. Beijing responded with its own 125% tariffs on American products coming into China.

The Trump administration is expected to announce tariffs on semiconductors on Monday, and smartphones, computers and other electronic devices exempted will fall into this category.

The technology-heavy Nasdaq index was up 1.7% on Monday. The S&P 500 nudged up 0.5% while the Dow Jones Industrial Average gained 0.3%.

Apple - which makes most of its iPhones intended for sale in the US in China - saw its share price jump 5% in early trading on Monday's before settling to 2.3% higher. Chip maker ASML and tech firm Dell also rose.

"Investors were so relieved to have some good tariff news to latch onto for a change that they weren't overly concerned with the potential complications which may be coming down the line," said Danni Hewson, AJ Bell's head of financial analysis. (BBC/ Getty Images)