After second day of talks with the U.S., Chinese Vice Premier He Lifeng said trade talks with the U.S. “achieved substantial progress and reached important consensus.”

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

Representatives from China and the U.S. met for a second day Sunday to discuss trade policies amid fallout from President Donald Trump’s tariff plan.

Tariff rates on small packages from China will be cut in half, though a flat-fee option will not change, the White House said Monday. Why it matters: Trump previously ended a loophole that allowed low-value goods into the country tariff-free — the rate reversal will ease price pressures on customers of Chinese retailers like Shein and Temu.

It’s important to understand how quickly we were able to come to an agreement, which reflects that perhaps the differences were not as large as maybe thought.”

The White House has said its agreements with the U.K. and China are starting points, but so far the Trump administration has given up more than it has gained.

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

The US has confirmed it has struck a trade deal with China following crunch talks that took place in Switzerland over the weekend. In a White House press release, Treasury Secretary said the two sides had made "substantial progress" in the "very important trade talks. Full details or the US-China trade deal are expected to be revealed on Monday.