The US and China both reported “substantial progress” after two days of talks in Switzerland aimed at de-escalating a trade war, marking what Chinese Vice Premier He Lifeng called “an important first step” toward resolving differences.

Treasury Secretary Scott Bessent reported "substantial progress," but offered no details of an agreement reached as two days of negotiations wrapped up in Geneva.

The White House has issued a statement saying the U.S. announced a China trade deal after the conclusion of talks between the U.S. and Chinese delegations in Switzerland on Sunday. But it wasn't immediately clear whether a deal had actually materialized.