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

U.S. Trade Representative Jamieson Greer said the U.S. is holding concurrent trade talks with China and other countries. "All of this is happening in parallel, and we are happy to move as quickly as other parties are willing to move,