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.

Global markets rose after the US and China slashed tariffs for 90 days in a significant de-escalation of the trade war. The US will cut the additional tariffs imposed on Chinese goods to 30 per cent from 145 per cent while Chinese duties on US imports will fall to 10 per cent from 125 per cent, the two countries announced on Monday.