The US president earlier said there had been a "total reset" in trade relations following a day of talks between the nations.

The Treasury secretary cited progress and promised more details Monday. Beijing said the two sides agreed to start a formal negotiation process.

The US and China both pointed to progress after high-stakes trade talks over the weekend, with both sides building optimism of further deescalation from a tariff tit-for-tat that has roiled global markets.