The dollar rallied 0.2% against the euro and 0.4% versus the yen. The 10-year Treasury yield was up less than 1 basis point at 4.382%.
“I’m happy to report that we’ve made substantial progress between the United States and China in the very important trade talks,” Treasury Secretary Scott Bessent told reporters, adding that a full briefing with more specifics will come on Monday.
U.S. Trade Representative Jamieson Greer, who also participated in the negotiations with a Chinese delegation led by Vice Premier He Lifeng, suggested some sort of deal was made.
“Just remember why we’re here in the first place—the United States has a massive $1.2 trillion trade deficit, so the president declared a national emergency and imposed tariffs, and we’re confident that the deal we struck with our Chinese partners will help us to work toward resolving that national emergency,” he said.
Later, China’s He said the two countries agreed to create “a consultation mechanism” for future discussions on trade and economic issues, while citing progress in talks as well.
Trump said on Truth Social on Sunday that his next post will be “one of the most important and impactful I have ever issued.”
As of Sunday evening, that post had yet to come. For now, the result of the weekend tariff talks appears to be “a broad framework under which the two nations can conduct further talks, with the aim of reaching a broader trade agreement,” according to Michael Brown, senior research strategist at Pepperstone.
“Not the worst case outcome that was possible from this weekend’s talks, far from it, but not a concrete deal either,” he wrote in a note.
