Bessent cites "substantial progress" with China, Trump sees "total reset"

What they're saying: Bessent, speaking after talks concluded in Geneva Sunday, reportedly said the U.S. would share more details on Monday.

• That followed a Trump post on Truth Social Saturday night where he said: "Many things discussed, much agreed to. A total reset negotiated in a friendly, but constructive, manner."

Catch up quick: A series of tit-for-tat trade retaliations in recent months left the U.S. and China with what Bessent has called an effective "trade embargo," as tariffs rose to the point of choking off business between the countries.

• At stake is hundreds of billions of dollars of commerce, with increasingly urgent consequences for both economies. In the U.S., retailers warn it's only a matter of a few weeks before shoppers start to experience widespread empty shelves and rising prices.
• On Friday, Trump suggested an 80% tariff on China, versus the current 145%, might be more reasonable, while the Chinese side condemned U.S. "abuse" of trade levies.

Between the lines: U.S. stocks have mostly recovered their initial trade war losses, but U.S. Treasury bonds and the dollar have not, as America's safe-haven status has been damaged in the eyes of international investors.

• Growing signs of a potential recession, and a loudly ticking clock on the U.S. debt ceiling, aren't helping matters any.

What to watch: International markets will start to open later Sunday evening, giving an early sense of whether investors are optimistic about the weekend's developments.

Editor's note: This is a developing story. Check back for updates.