Chinese officials said the sides had reached "important consensus" and agreed to launch another new economic dialogue forum.
Neither side released details after they wrapped up two days of talks in Switzerland.
Chinese Vice Premier He Lifeng said a joint statement would be released in Geneva on Monday, local time. Vice Commerce Minister Li Chenggang said it would contain "good news for the world".
US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer described "substantial progress" and also said details would be announced on Monday.
In separate briefings with reporters, neither side mentioned any agreement to cut US tariffs of 145 per cent on Chinese goods and China's 125 per cent tariffs on US goods.
Greer and Bessent took no questions from reporters. Greer described the Geneva meetings' conclusion as "a deal we struck with our Chinese partners" that will help reduce the $US1.2 trillion ($A1.9 trillion) US global goods trade deficit.
"And this was, as the secretary pointed out, a very constructive two days," Greer said. "It's important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought," Greer said.
The US trade chief called He, Li and Vice Finance Minister Liao Min "tough negotiators".
Vice Premier He, speaking to reporters at China's mission to the World Trade Organisation, described the talks as "candid, in-depth and constructive" on issues of concern to both countries.
"The meeting achieved substantial progress, and reached important consensus," He said, drawing applause from a large audience of Chinese officials present at the WTO office.
The US and China agreed to establish a new consultation mechanism for trade and economic issues, with relevant details to be finalised as soon as possible, He added.
The meeting was the first face-to-face interaction between senior US and Chinese economic officials since Trump took office and launched a global tariff blitz, declaring a national emergency over the fentanyl crisis and imposing a 20 per cent tariff on Chinese goods in February.
Trump followed with a 34 per cent "reciprocal" duty on Chinese imports in April, and subsequent rounds pushed the rates into triple digits, bringing nearly $US600 billion ($A935 billion) in two-way trade to a standstill.
China had insisted that tariffs be lowered in any talks. Trump said on Friday that an 80 per cent tariff on Chinese goods "seems right", suggesting for the first time a specific reduction target.
Greer said there was a lot of groundwork done before the Geneva meetings on Saturday and Sunday, and the result would address the national emergency that Trump declared over growing US trade deficits.
"We're confident that the deal we struck with our Chinese partners will help us to work toward resolving that national emergency," Greer said.
Earlier on Sunday, White House economic adviser Kevin Hassett told Fox News more foreign trade deals could be coming with other countries as soon as this week. Last week's limited trade deal with Britain left 10 per cent US duties in place on many UK products.
Hassett said he had been briefed by US Commerce Secretary Howard Lutnick on two dozen pending deals in development with Greer.
"They all look a little bit like the UK deal but each one is bespoke," Hassett said.
Overnight, Trump gave a positive reading of the talks, saying on his Truth Social media platform that the two sides had negotiated "a total reset ... in a friendly, but constructive, manner".
12°C