The announcement marks a move to ease the tariff war, which has triggered a sharp decline in transpacific trade. The move also sent Chinese stocks soaring and Dow futures surging

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.

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.