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.

Washington will reduce tariffs to 30% for 90 days, while Beijing will lower them to 10%. The suspension will take effect on May 14. After a marathon of negotiations on neutral ground to calm the 2.0 trade war reignited by Donald Trump,

The agreement lowers tensions in the trade war but does little to change the overall direction of deteriorating ties between Beijing and Washington, analysts say.