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

China and the United States announced a truce in their trade war on Monday after talks in Geneva that will roll back the bulk of tariffs and other countermeasures by Wednesday.

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.