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 U.S. and China have agreed to slash tariffs on each other's goods for 90 days. Both sides will lower their tariffs on the other's goods by 115% for 90 days, U.S. Treasury Secretary Scott Bessent said early Monday. The pause will also allow for further negotiations.

Details of a trade deal between the United States and China have been announced. Hamas is set to release Israeli-American hostage Edan Alexander from Gaza. The United States and China said Monday they have agreed a deal to slash reciprocal tariffs as the world's two biggest economies seek to end a trade war that has put financial markets on edge.