Treasury Secretary Scott Bessent and Jamieson Greer, the United States Trade Representative, are leading the talks for Washington. For Beijing, the negotiations are being led by He Lifeng, China’s vice premier for economic policy. The tariffs effectively cut off trade between the world’s two largest economies.

The United States and China are carrying out high-level diplomatic talks in Geneva, Chinese state-run media reported from the Swiss capital on Saturday.

Investors are hopeful that U.S.-China trade talks this weekend will cool a trade war between the world's two largest economies and dispel some of the uncertainty clouding financial markets, though few expect a major breakthrough just yet.