Treasury Secretary Scott Bessent reported "substantial progress," but offered no details of an agreement reached as two days of negotiations wrapped up in Geneva.

The Treasury secretary cited progress and promised more details Monday. Beijing said the two sides agreed to start a formal negotiation process.

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.