Related video: Tampa businesses say Chinese tariffs may cause a slow down

GENEVA (AP) — The chief U.S. negotiator in trade discussions with China expressed optimism over “a great deal of productivity” in addressing differences between the two top global economies. This followed the conclusion of two days of negotiations in Switzerland after President Donald Trump imposed significant tariffs, prompting retaliation from Beijing.

U.S. Treasury Secretary Scott Bessent stated on Sunday that there had been “substantial progress” during the weekend meetings, though he provided limited details about the content of the negotiations. He mentioned that further information would be available at a briefing on Monday.

U.S. Trade Representative Jamieson Greer hinted at a potential agreement but shared no specific information. Both Greer and Bessent gave brief remarks to the press after the discussions concluded at the elegant villa which is the residence of the Swiss ambassador to the United Nations in Geneva, but they refrained from answering questions.

“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 far as maybe thought,” Greer said. But he also stressed that a top Trump priority means closing the U.S. trade deficit with China, which came to a record $263 billion last year.

“We’re confident that the deal we struck with our Chinese partners will help us to resolve, work towards resolving that national emergency,” Greer said.

The White House subsequently issued a statement titled, “U.S. Announces China Trade Deal in Geneva” but offering only the same quotes by Bessent and Greer.

The Chinese delegation held a subsequent news conference where it described what occurred as “candid, in-depth and constructive dialogue.” Chinese Vice Premier He Lifeng said both sides had agreed to “establishing a consultation mechanism” for further discussions on trade and economic issues.

China’s negotiators also said that they and the U.S. team would be releasing a joint statement on Monday — though the timing was still uncertain.

“I think, no matter when this statement is released, it’s going to be good news for the world,” said Li Chenggang, the Chinese ambassador to the World Trade Organization.

Trump was anxious to declare the sessions a win. Even before the final day of talks opened on Sunday, the president posed on his social media site that “GREAT PROGRESS” was being made toward what he suggested could be a “total reset” on the tariffs that have put the global economy on edge.

Beijing, however, appeared largely more measured about the negotiations’ overall direction, noting in a Saturday night editorial published before the second day of negotiations kicked off, that it would “firmly reject any proposal that compromises core principles or undermines the broader cause of global equity.”

During the Sunday evening news conference, He said “global trade wars that were provoked or initiated by the U.S. have captured global attention“ but “China’s position towards this trade war has been clear and consistent, and that is: China doesn’t want to fight a trade war, because trade wars produce no winners.”

“But if the U.S. insists on forcing this war upon us, China will not be afraid of it and will fight to the end,” the vice premier said, before adding: “We are ready to work together.”

Negotiations could go a long way toward stabilizing world markets roiled by the U.S.-China standoff that has ships in port with goods from China unwilling to unload until they get final word on tariffs.

Trump last month raised U.S. tariffs on China to a combined 145%, and China retaliated by hitting American imports with a 125% levy. Tariffs that high essentially amount to the countries’ boycotting each other’s products, disrupting trade that last year topped $660 billion.

Still, top members of the Trump administration were following the president’s lead in insisting that a hard reset of U.S.-China trade relations could be in the offing.

“Secretary Bessent has made clear that one of his objectives is to de-escalate,” U.S. Commerce Secretary Howard Lutnick, who wasn’t in Geneva, said on “Fox News Sunday.” He added that the U.S. and China have both imposed tariffs that are “too high to do business, but that’s why they are talking right now.”

“We are the consumer of the world. Everybody wants to sell their goods here,” Lutnick said. So they need to do business with America and we’re using the power of our economy to open their economy to our exporters.”

Kevin Hassett, director of the White House National Economic Council, told Fox News Channel’s “Sunday Morning Futures” that “what’s going to happen in all likelihood is that relationships are going to be rebooted. It looks like the Chinese are very, very eager to play ball and to renormalize things.”

“We’re essentially starting over, starting from scratch with the Chinese,” Hassett said “and they seem to think that they really want to rebuild a relationship that’s great for both of us.”

The talks mark the first time the sides have met face-to-face to discuss the issues. The prospects for a major breakthrough still appear slight, but even a small drop in tariffs — particularly if taken simultaneously — could help restore some confidence.

“Negotiations to begin de-escalating the growing US–China trade war are badly needed and it’s a positive sign that both sides were able to gracefully move beyond their bickering over who had to call first,” Jake Werner, director of the East Asia Program at the Quincy Institute for Responsible Statecraft, said in an email.

The Trump administration has imposed tariffs on countries worldwide, but its fight with China has been the most intense. Trump’s import taxes on goods from China include a 20% charge meant to pressure Beijing into doing more to stop the flow of the synthetic opioid fentanyl into the United States.

The remaining 125% involve a dispute that dates back to Trump’s first term and comes atop tariffs he levied on China back then, which means the total tariffs on some Chinese goods can exceed 145%.