U.S. Treasury Secretary Scott Bessent said on Sunday that there had been "substantial progress" in talks between his team and that of Chinese Vice Premier He Lifeng in Geneva on defusing a trade war between the world's two largest economies.

The Treasury secretary cited progress and promised more details Monday. Beijing said the two sides agreed to start a formal negotiation process.

Treasury Department Secretary Scott Bessent said Sunday that “substantial progress” had been made in trade talks between the United States and China after meeting for two days in