The U.S. and China ended high-stakes trade talks on a positive note on Sunday, with U.S. officials touting a "deal" to reduce the U.S. trade deficit, while Chinese officials said the sides had reached "important consensus" and agreed to launch another new economic dialogue forum.

The United States and China are set to provide details on Monday of the "substantial progress" made during talks in Switzerland over the weekend aimed at cooling trade tensions ignited by President Donald Trump's sweeping tariffs.

High-level talks between the United States and China have begun in Geneva, Switzerland, Chinese state media reported on Saturday, in a possible thaw in the trade war sparked by President Donald Trump’s massive tariffs.