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 White House backed off from the steepest levies, as the costs of an all-out trade war with China threatened global economic growth.

Treasury Secretary Scott Bessent told reporters the two sides had agreed on a 90 day pause on measures and that tariffs would come down by over 100 percentage points to 10%.