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.

The White House said it was announcing a trade deal without providing any details. Representatives from the U.S. and China had been meeting in Switzerland.