U.S. Treasury Secretary Scott Bessent said on Sunday that substantial progress has been made in the trade talks between the United States and China.

"I’m happy to report that we made substantial progress between the United States and China in the very important trade talks," Bessent said in a statement.

The discussions, aimed at defusing the ongoing trade war between the two countries, were held in Geneva and involved Bessent’s team and that of Chinese Vice Premier He Lifeng.

Bessent said that more details about the progress would be provided on Monday.

Jamieson Greer, the U.S. Trade Representative who was also present at the discussions, said that the differences between the two nations were not as significant as previously assumed.

"This was, as the Secretary pointed out, a very constructive two days," Greer stated. "It’s important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought. That being said, there was a lot of groundwork that went into these two days."

"We’re confident that the deal we struck with our Chinese partners will help us to work toward resolving [the trade deficit]," Greer added.