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 announcement came after the two countries held talks in Switzerland, the first between the two countries since Trump sparked the latest tariff war. Trying to predict the next steps in this ongoing trade war between the US and China these past few months has been difficult to say the least.

Stock futures rocketed higher Monday after the U.S. and China announced an agreement to reduce their reciprocal tariffs, offering a sense of relief for investors who'd feared a significant economic downturn from President Donald Trump's trade policies.