On Saturday, senior officials from Washington and Beijing concluded the first day of trade talks in Geneva, Switzerland. The president has been embroiled in a tense trade war since he raised U.S. tariffs on China to a combined 145 percent earlier this year, which prompted the Beijing to retaliate with a 125 percent levy on American imports.

President Trump said late Saturday that U.S. and Chinese officials had negotiated a "total reset" in their trade relationship during talks in Switzerland. Why it matters: An actual reset — with sharply lower tariffs or none at all — would be the relief businesses and investors have been praying for from a trade war that has already significantly damaged the economy.

Former US President Donald Trump has hailed the first day of high-level trade talks with China as a major step forward, calling it a "total reset" in relations between the two economic powers. The negotiations began Saturday in Geneva at a Swiss diplomatic residence and are set to continue through the weekend.