The White House announced that the United States has reached a preliminary trade agreement with China following two days of bilateral talks in Geneva, Switzerland.

This step aims to ease the escalating trade tensions between the world’s two largest economies.

U.S. Trade Representative Jamison Greer stated that the negotiations with the Chinese side were “constructive,” noting that “the differences were not as significant as previously thought,” opening the door for new understandings on outstanding trade issues.

Meanwhile, U.S. Treasury Secretary Scott Pisent highlighted “substantial progress” in talks with Chinese Vice Premier He Lifeng, adding that the details of the agreement will be presented in detail next Monday.