Geneva [Switzerland], May 11 (ANI): Talks between the US and Chinese delegations over tariffs that threaten to turn the global economy topsy-turvy ended after a day of prolonged negotiations and will resume on Sunday, a source briefed on the meetings confirmed to CBS News.

There was no immediate indication whether any progress was made on Saturday during the more than 10-hour meeting between Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng in Switzerland.

The talks, which could help stabilize world markets roiled by the US-China standoff, have been shrouded in secrecy and neither side made comments, as per CBS News.

Bessent indicated last week that the initial discussions were likely about 'de-escalation, not about the big trade deal.' The Treasury secretary said the US and China have 'shared interests' because the sky-high tariffs imposed by both countries last month are not 'sustainable.'

US Trade Representative Jamieson Greer is also in Switzerland alongside Bessent for the talks.

Several convoys of black vehicles left the residence of the Swiss ambassador to the UN in Geneva, which hosted the talks aimed at de-escalating trade tensions between the world's two biggest economies, as per CBS News. Diplomats from both sides also confirmed that the talks took place.

President Donald Trump indicated that he is open to significantly reducing the United States' existing 145 per cent tariff on Chinese goods.

Trump said that an 80 per cent tariff on China 'seems right,' adding that Treasury Secretary Scott Bessent would make the final decision.

Sharing a post on Truth Social on Friday, Trump wrote, '80% Tariff on China seems right! Up to Scott B.'

'China should open up its market to USA -- would be so good for them!!! Closed markets don't work anymore,' Trump wrote in another post.

The US has placed a minimum tariff of 145 per cent on most Chinese imports, and China has responded with a 125 per cent tariff on most US imports. (ANI)