US Treasury Secretary Scott Bessent said on May 11, local time, that trade talks held in Geneva, Switzerland last weekend were effective.
The negotiations have been "very effective" and he will provide more details at a full press conference on the morning of May 12.
Bessent also said that he and US Trade Representative Jamieson Greer both discussed with President Donald Trump on the evening of May 10 and that the US leader had been fully informed about the discussions between US officials and Chinese counterparts.
Greer said on May 11 that the officials had reached some form of the deal but did not provide any specific information. He said the discussions with China were very constructive.
"We believe that the agreement we have reached with our Chinese partners will help us address the national emergency," he said.
Chinese officials attending the negotiations also responded positively. Deputy Prime Minister of China He Lap Phong said that the discussion " had significant progress and reached an important consensus".
The two sides agreed to establish a consultation mechanism on trade and economic issues, he added.
China's international trade representative Li Cheng Qiang revealed that there will soon be a statement providing more detailed information about the negotiations.
The key talks in Switzerland over the weekend came amid widespread economic uncertainty stemming from the US-China trade war.
The two countries have been implementing retaliatory tariffs for weeks since President Donald Trump announced a 145% tariff on Beijing. In response, China has increased tariffs on US goods to 125%.
NBC said that the details of the US-China trade deal are still unclear, but any cooling in the ongoing trade war could bring much-needed positive signals to the global economy that has been disrupted since President Donald Trump's announcement of tariffs on April 2.
