GENEVA — The lead U.S. negotiator in trade talks with China cited “a great deal of productivity” in resolving differences between the world’s leading economic powers after officials wrapped two days of bargaining in Switzerland after President Donald Trump’s steep tariffs and Beijing’s retaliation.

There was “substantial progress” in the weekend sessions, Treasury Secretary Scott Bessent said Sunday, offering scant details on exactly what negotiations entailed. He said details would come out Monday.

Bessent was more cautious in assessing the state of play than was his partner, Trade Representative Jamieson Greer.

“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,” said Greer, who did not say what deal he was referring to.

Greer also said after the talks that the U.S. tariffs were a response to unbalanced trade between the countries, which the Trump administration views as a national emergency. “We’re confident that the deal we struck with our Chinese partners will help us work toward resolving that national emergency.”

Trump struck a positive tone, suggesting Saturday night on social media on that “GREAT PROGRESS” was being made toward what could be a “total reset” on the tariffs that have put the global economy on edge.

The Chinese delegation held a news conference Sunday 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 they and the U.S. team would be releasing a joint statement Monday.

“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.

The vice premier also 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,” He said, before adding: “We are ready to work together.”

Earlier, Beijing was more measured about the negotiations’ overall direction. China, in an editorial in its state-run news agency published before Sunday’s second day of negotiations, said it would “firmly reject any proposal that compromises core principles or undermines the broader cause of global equity.”

Negotiations could help stabilize 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 raised U.S. tariffs on China last month to a combined 145%, and China hit U.S. imports with a 125% levy. Tariffs that high amount to the nations boycotting each other’s goods, disrupting trade that topped $660 billion in 2024.

“Talks should never be a pretext for continued coercion or extortion,” Xinhua said in its editorial, “and China will firmly reject any proposal that compromises core principles or undermines the broader cause of global equity.”

Still, top members of the Trump administration were following the president’s lead in insisting that a 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,” Commerce Secretary Howard Lutnick, who wasn’t in Geneva, said on “Fox News Sunday.” 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,” he 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.”

The talks mark the first time the sides have met to discuss the issues. And although prospects for a breakthrough are slight, even a small drop in tariffs, particularly if taken simultaneously, would help restore some confidence.

The Trump administration has imposed tariffs on countries worldwide, but its fight with China has been the most intense.

The two governments have taken an outwardly tough position, but officials in both countries have indicated that they would like to find a path to bring the tariffs down.

U.S. companies at risk of bankruptcy are scrambling to source products from countries other than China. Chinese factories are shuttering their doors or looking for ways around the U.S. tariffs and exporting more to Southeast Asia. At the same time, many U.S. businesses are weighing how much they can raise prices to help offset tariff costs.

Economists have warned that the trade dispute will slow global growth and fuel inflation, potentially tipping the U.S. into a recession.

The New York Times contributed.