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.

The United States and China are carrying out high-level diplomatic talks in Geneva, Chinese state-run media reported from the Swiss capital on Saturday.