President Donald Trump said Saturday there was “great progress made” on trade talks between the United States and China, amid a possible thaw in the trade war sparked by his massive tariffs.

American and Chinese officials have started talks in Switzerland to de-escalate a trade dispute between the world's two biggest economies that has global implications. There is hope that the countries can scale back the tariffs they have slapped on each other's goods,

Trump’s escalation sent financial markets tumbling and left U.S. retailers warning that they might run out of goods as U.S.-China trade implodes. U.S. consumers, worried about the prospect of empty shelves and higher prices, are losing confidence in the economy.