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

President Donald Trump's Treasury Secretary Scott Bessent provided an update on its productive trade negotiations with China.

The White House says that it reached a trade deal with China as the two countries negotiated for a second day in Switzerland. China has yet to comment on Sunday's talks.