The U.S. and China ended high-stakes trade talks on a positive note on Sunday, with U.S. officials touting a "deal" to reduce the U.S. trade deficit, while Chinese officials said the sides had reached "important consensus" and agreed to launch another new economic dialogue forum.

High-level talks between the United States and China have begun in Geneva, Switzerland, Chinese state media reported on Saturday, in a possible thaw in the trade war sparked by President Donald Trump’s massive tariffs.