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%,

Both sides are hailing the temporary reprieve, which will see American duties on Chinese goods cut to 30 percent, but analysts say the underlying issues remain.

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%.