(Reuters) - U.S. stock future opened higher on Sunday after Treasury Secretary Steven Mnuchin said on Sunday that the United States and China agreed to drop their tariff threats to work on a wider trade agreement.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 18, 2018. REUTERS/Brendan McDermid

The S&P 500 E-mini futures EScv1 opened about 0.8 percent higher, the Nasdaq 100 e-minis NQcv1 opened nearly 1 percent higher with Dow e-minis 1YMcv1 also up 0.9 percent.

Mnuchin and U.S. President Donald Trump’s top economic adviser, Larry Kudlow, said an agreement reached by Chinese and U.S. negotiators on Saturday set up a framework for addressing future trade imbalances, effectively putting any trade war between the world’s largest economies on hold.

Reporting by Bill Berkrot; Editing by Sandra Maler

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