Scott Bessent, the US Treasury Secretary, finished a two-day negotiation marathon with Chinese Vice Premier He Lifeng in Geneva on Sunday, landing what he called “substantial progress” in a deal meant to tone down the aggressive trade war between the two countries.

The discussions could help stabilize world markets roiled by the U.S.-China standoff that has ships in port with goods from China unwilling to unload until they get final word on tariffs.

US Treasury Secretary Scott Bessent said he would give more details on Monday, May 12, while US Trade Representative Jamieson Greer, also at the talks, said the differences between the two sides were not as great as previously thought.