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.

America has agreed to cut the “reciprocal" tariffs it imposed on China last month from 125% to a more digestible 10% for at least 90 days. China has agreed to do the same. It has also agreed to roll back other retaliatory measures,