The United States and China announced Monday they were massively rolling back tariffs on each other’s goods for 90 days, following trade talks in Geneva over the weekend.

The breakthrough follows months of ratcheting up economic tensions between the world’s two largest economies, since U.S. President Donald Trump returned to office and launched an all-out trade war against almost all of Washington’s partners and rivals.

In a rare joint statement, the two governments said U.S. tariffs on Chinese goods would be reduced from 145 per cent to 30, while China would cut its levies on U.S. imports from 125 per cent to 10. The reductions will take place by May 14 and last “for an initial period of 90 days.”