U.S. Treasury Secretary Scott Bessent on Sunday reported "substantial progress" in U.S. talks with China's top economic officials to de-escalate a damaging trade war, but offered no details of an agreement reached as two days of negotiations wrapped up in Geneva.

It’s important to understand how quickly we were able to come to an agreement, which reflects that perhaps the differences were not as large as maybe thought.”

US Treasury Secretary Scott Bessent said on Sunday US officials reached a deal with China to cut the trade deficit. He offered optimism and promised more details to come after two days of negotiations concluded in Geneva.