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The first round of the Trump tariffs, which still mimicked traditional trade wars, involved mainly Canada, Mexico and China. The second round began with "reciprocal tariffs," which rely on flawed methodologies and mistaken calculations, covering most trading economies worldwide. Then came the huge U. S. retaliatory tariffs, which China countered.

"We're confident that the deal we struck with our Chinese partners will help us work toward resolving that national emergency," Jamieson Greer said.

Trade talks in Geneva between the United States and China have ended for the night but will continue on Sunday, a source familiar with the matter told Reuters.

President Trump on Saturday suggested a “total reset” in U.S.-China trade relations amid reported talks over tariffs in Switzerland between the two countries. “A very good meeting today with China, in Switzerland. Many things discussed, much agreed to.

President Donald Trump touted trade negotiations with China in Switzerland Saturday, noting "many things" were discussed and "much [was] agreed to."

Senior U.S. and Chinese officials met again on Sunday in Geneva, two sources familiar with the situation told Reuters, to resume weekend talks aimed at cooling the trade war that threatens to seriously damage the global economy.

The U.S. treasury secretary and America’s top trade negotiator began talks with high-ranking Chinese officials in Switzerland Saturday aiming to de-escalate a dispute that threatens to cut off trade between the world’s two biggest economies and damage the global economy.

The president has backtracked repeatedly on his tariff policies, creating a whiplash with downsides and few clear benefits so far.