US Treasury Secretary Scott Bessent said the trade deal from Donald Trump’s first tariff war with China gives the world’s two biggest economies “a very good framework” for upcoming discussions after the temporary lifting of levies between them.

The Treasury secretary cited progress and promised more details Monday. Beijing said the two sides agreed to start a formal negotiation process.

U.S. Treasury Secretary Scott Bessent said on Sunday that there had been "substantial progress" in talks between his team and that of Chinese Vice Premier He Lifeng in Geneva on defusing a trade war between the world's two largest economies.