U.S. and Chinese officials will meet in Switzerland this weekend for their first talks since the onset of a tit-for-tat trade war. Can the U.S.-U.K. trade agreement reached this week pave the way for what Wall Street really wants: de-escalation with China?

U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer said on Sunday they reached a deal with China to cut the U.S. trade deficit, describing "substantial progress" in high-stakes talks with Chinese officials but offering no details as two days of negotiations concluded in Geneva.

The United States and China have reached a trade agreement amid the second day of high-level negotiations, senior officials said Sunday.