BEIJING (Reuters) - 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%, while China is cutting them to 10% from 125%.

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.