US Treasury Secretary Scott Bessent says negotiators from the United States and China have made "substantial progress" in their trade talks. He says details will be announced on Monday.

Bessent made the remarks to reporters after two days of talks in Geneva, Switzerland, wrapped up on Sunday. Their participants included Bessent and US Trade Representative Jamieson Greer. China's Vice Premier He Lifeng also attended.

The meeting was the first official one between high-ranking officials from both countries since the administration of US President Donald Trump imposed what he called reciprocal tariffs on China last month.

Greer called the meeting "very constructive." He said, "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."

The Chinese vice premier stated that substantive progress was made in the negotiations, with an important consensus reached.

The official said both sides agreed to establish an economic and trade consultation mechanism and also made it clear that they will conduct further talks. He added that a joint statement will be released on Monday.

The US and China have been locked in an unusual trade situation with additional tariffs of more than 100 percent in place against each other.

China has called for the US to eliminate its recently imposed levies. Beijing has also exhibited its stance of not easily compromising.

In the meantime, Trump implied on Thursday that the additional duties on China could be reduced depending on the outcome of the negotiations..