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. The United States is dropping the extra tariffs it imposed on China this year to 30% from 145%,

Following negotiations in Geneva, the United States and China have agreed to lower tariffs substantially for the next 90 days.

In a pivotal move, the United States and China have resumed face-to-face trade negotiations in Geneva, aiming to resolve the tariff conflict that has rattled global markets.