Both China and the United States have said they have made progress at trade talks between the two countries in Switzerland, APA reports citing BBC.
The US Treasury Secretary Scott Bessent described the discussions as "productive and constructive," while China's Vice Premier He Lifeng said the talks were "in-depth" and "candid".
The White House called it a "trade deal" but gave no further details. A joint statement with full details is expected on Monday.
The pair were engaged in secretive closed-door discussions all weekend, in the first meeting since US President Donald Trump levied steep tariffs against China on its goods entering America in January.
The talks were the first face-to-face meetings between the two countries since President Trump imposed a 145% tariff on Chinese imports, with Beijing responding with a 125% levy on some US goods.
The huge tariffs caused turmoil in the financial markets and sparked fears of a global recession.
Following the conclusion of the two-day talks in Geneva, US trade representative ambassador Jamieson Greer said "the deal we struck with our Chinese partners" would help reduce the US's $1.2tn (£901bn) trade deficit.
Bessent said the US and China had made "substantial progress" on de-escalating the trade war, while Vice Premier He said the talks were "of great significance to the two countries but also have an important impact on the stability and development of the global economy".
Stocks in mainland China and Hong Kong rose on Monday, while US stock markets are also expected to open higher when trading starts later. The Chinese currency, the yuan, strengthened against the US dollar.
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