The White House announced a "China trade deal" in a May 11 statement, but did not disclose details. The apparent agreement came together sooner than most observers expected after Trump's 145% tariffs on Chinese imports virtually halted $600 billion in annual trade between the world's two largest economies.

Representatives from China and the U.S. met for a second day Sunday to discuss trade policies amid fallout from President Donald Trump’s tariff plan.

Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer told reporters that more details would be provided on Monday.

The White House on Sunday published details of what could be a historic trade deal with China, the world’s No. 2 economy, after President Donald Trump imposed a series of crippling tariffs aimed at resetting economic conditions between both nations.

The White House backed off from the steepest levies, as the costs of an all-out trade war with China threatened global economic growth.

The White House has issued a statement saying the U.S. announced a China trade deal after the conclusion of talks between the U.S. and Chinese delegations in Switzerland on Sunday. But it wasn't immediately clear whether a deal had actually materialized.

It’s important to understand how quickly we were able to come to an agreement, which reflects that perhaps the differences were not as large as maybe thought.”

The U.S. agreed to cut tariffs on Chinese goods from 145% to 30%, while China committed to reduce tariffs on U.S. products from 125% to 10%. The lowered tariffs will remain in place for 90 days while the two sides negotiate a wider trade deal.

Officials wrapped up two days of bargaining in Switzerland and touted "substantial progress." More details are expected on Monday.

The US has confirmed it has struck a trade deal with China following crunch talks that took place in Switzerland over the weekend. In a White House press release, Treasury Secretary said the two sides had made "substantial progress" in the "very important trade talks. Full details or the US-China trade deal are expected to be revealed on Monday.

When asked by a reporter whether the potential deal would help the White House address the U.S. trade deficit, China deferred to Monday’s joint statement. “China is always pursuing win-win ...