Tesla shares surged close to 7% Monday, pushing the company's market capitalization above $1 trillion, amid a broad market rally after the U.S. and China agreed to temporarily lower tariffs.

Tesla (TSLA) shares are up more than 6% on Monday after the U.S. and China agreed to temporarily pause most tariffs on each other’s imports for 90 days. The TSLA share price increase this morning even helped the EV maker reclaim a market cap of more than $1 trillion for the first time since late February.

Shares of Tesla (NASDAQ:TSLA) were launched higher at Monday’s open and are trading in the green for a fourth consecutive day as Wall Street applauds the latest development on U.S./China trade. The risk-on trade has buoyed the S&P 500 by 2.