The United States and China are set to provide details on Monday of the "substantial progress" made during talks in Switzerland over the weekend aimed at cooling trade tensions ignited by President Donald Trump's sweeping tariffs.

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

The United States and China on Sunday resumed crucial tariff talks that have put the global economy on edge, but appeared to have diverging views of where the negotiations presently stand. President Trump wrote on social media that “great progress” was being made and even suggested a “total reset” was a possibility as the sides took their seats for the second and final scheduled day of discussions in Geneva.