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%,

The United States and China on Sunday resumed crucial tariff talks that have put the global economy on edge, but appeared to have diverging views of where the negotiations presently stand. President Trump wrote on social media that “great progress” was being made and even suggested a “total reset” was a possibility as the sides took their seats for the second and final scheduled day of discussions in Geneva.

The United States and China will temporarily lower tariffs on each other's products, according to a joint statement, in a move to cool trade tensions and give the world's two largest economies three more months to resolve their differences.