Progress in hail between the United States and China, but does that mean there is a trade agreement?

Trading or no transaction? This is the way financial markets and businesses are waiting to learn.

Jamieson Greer, the U.S. Trade Representative and one of the main negotiators of the Trump administration, said a weekend of production trade talks between the U.S. and China were held in Geneva. His Chinese opponents expressed optimism, but were less stressed.

He is China's vice-president of economic policy and is in charge of China's talks, and he said the discussion was constructive and “important consensus” had been reached. He said no details were provided and the parties had agreed to establish a “advisory mechanism” but he seemed to stop announcing a deal.

This difference in the initial framework underlines the sensitivity of trade between the two largest economies in the world during the two days of negotiations.

At a press conference in Switzerland on Sunday, Finance Minister Scott Bessent said the negotiations had made “significant progress”. Mr Greer said the two countries had quickly reached an “agreed” and that “maybe the difference is not as big as possible.”

Shortly thereafter, the White House issued a statement titled “The United States announced China Trade Agreement in Geneva”, which provided no new details. Asked about the White House statement, Chinese officials said the joint statement from the two countries on Monday would reflect the outcome of the meeting. They didn't elaborate on it, but said it was good news for the world.

In Asia, financial markets are mostly higher, as trading on the S&P 500 S&P Futures, indicating how stocks react in the mornings of New York.

Nomura Securities said in a study on Monday that while obvious progress in trade negotiations helped boost market sentiment, it also increased the risk of disappointment if tariffs were not significantly lowered.

The talks are the first major attempt to alleviate tensions this year after President Trump imposed large tariffs on Chinese imports. Mr. Trump imposed a 145% tariff on the minimum tariff on Chinese imports and 125% import tax on U.S. products. Tariffs have stagnated trade between the two countries and hindered the global economy.

In the first few weeks of the Geneva meeting, the two sides also differed in their conversations. The White House repeatedly said it was talking to Chinese officials and Beijing denied that such negotiations were underway.

Beijing has taken a strong stance since Trump imposed punitive tariffs. Last month, Chinese Foreign Ministry spokesman Mao Ning released a video of Mao Zedong's speech during the Korean War (called in China the war to resist American aggression and aid South Korea), announcing, “No matter how long this war will last, we will never surrender.”

China has carefully participated in the Geneva negotiations, which is not a concession to Mr. Trump’s tariffs, but a necessary step to avoid further escalation. China acts on behalf of the global economy, according to comments in the state-run China Daily on Saturday.

The comment also said that U.S. businesses and consumers are calling for ongoing dialogue in China.

Chinese factories feel the sting of slowing trade. Orders to export to the U.S. are already declining, with many U.S. importers are suspending goods in the hopes that Beijing and Washington can reach an agreement to reduce tariffs.

In China, on Monday, there was no news that the government-controlled media had caused progress in trade discussions. On the website of the state-run Xinhua News Agency, the story about the negotiations is headlines about the state-owned visit of top Chinese leader Xi Jinping, and Beijing’s efforts to strengthen communication and coordination with Latin American countries in the face of U.S. tariffs.

Mr. Trump's attitude between having a tough conversation with China and seemingly expanding the olive tree was through an effort to hint at the lower tariffs to 80%. He praised the conversation as a breakthrough.

“A very good meeting was held in Switzerland today with China,” Mr. Trump wrote on The Truth on Saturday night. “A lot of things were discussed, very agreeable. The total reset was carried out in a friendly but constructive way.”

Christopher Buckley Reports from Taipei, Taiwan.