Treasury Secretary Scott Bessent said on Sunday that the United States had made “substantial progress” in talks with China after a weekend of meetings in Geneva, and that additional details would be announced on Monday.

       Any indication of a trade truce between the world’s two largest economies would lift financial markets and ease concerns among companies, investors and economists that the global economy was poised for a sharp downturn.

       Although there were no immediate details about an agreement, Jamieson Greer, the U.S. trade representative, who joined Mr. Bessent in the negotiations, suggested that some form of a “deal” had been reached that addressed the Trump administration’s national security concerns about China’s trade practices. But Mr. Greer did not say whether the two nations had agreed to drop any of the punishing tariffs that have been imposed over the past months.

       “It’s important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought,” Mr. Greer said after the talks, noting that the U.S. tariffs were a response to unbalanced trade between the countries, which the Trump administration viewed as a national emergency. “We’re confident that the deal we struck with our Chinese partners will help us work toward resolving that national emergency.”

       Advertisement

       SKIP ADVERTISEMENT

       He Lifeng, China’s vice premier for economic policy, who led the talks for the Chinese, said that the talks were “candid, in-depth and constructive,” according to reports from Chinese state media.

       Mr. He said that the countries had reached an agreement to establish a “consultation mechanism” to discuss economic and trade issues, and would conduct further consultations, state media said.

       Subscribe to The Times to read as many articles as you like.