The world’s two biggest economies agreed to a temporary rollback of most of their recent levies after negotiating in Switzerland over the weekend.

The US and China have agreed to put most tariffs on pause for 90 days, marking a major deescalation in a trade tit-for-tat that has roiled global markets. Treasury Secretary Scott Bessent, who led weekend trade talks for the US delegation,

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.