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.

Bessent said he would give more details on Monday, while U.S. Trade Representative Jamieson Greer, also at the talks, said the differences between the two sides were not as great as previously thought.

"I'm happy to report that we've made substantial progress between the United States and China in the very important trade talks," Bessent told reporters.

Bessent said he had informed President Donald Trump of the progress of the talks, and there would be a complete briefing on details on Monday.

The talks had continued into a second day on Sunday as both sides discussed how to de-escalate a trade war that threatens to inflict major damage on the world economy.