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.

US on Sunday announced a trade deal with China in Geneva, a statement by the White House said.Secretary of the Treasury Scott Bessent said that there was substantial progress between the parties. happy to report that we made substantial progress between the United States and China in the very important trade talks.

Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer told reporters that more details would be provided on Monday.