The U.S. and China ended high-stakes trade talks on a positive note on Sunday, with U.S. officials touting a "deal" to reduce the U.S. trade deficit, while Chinese officials said the sides had reached "important consensus" and agreed to launch another new economic dialogue forum.

Officials wrapped up two days of bargaining in Switzerland and touted "substantial progress." More details are expected on Monday.

US-China trade talks in Geneva are being followed globally as the world's top economies are trying to find a middle path.