By Samantha Waldenberg, Kaitlan Collins and David Goldman

(CNN) — Two top Trump officials are scheduled to meet later this week with Chinese representatives on trade and economic matters, their agencies announced Tuesday evening, a nascent sign of a thaw in the trade war sparked by President Donald Trump’s massive tariffs.

Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer will both travel to Geneva, Switzerland, where they will meet with President Karin Keller-Sutter and, separately, the Chinese officials, authorities announced.

Bessent said Tuesday on Fox News not to expect a major trade deal out of the meetings, but he acknowledged it was an important step in negotiations.

“My sense is that this will be about de-escalation, not about the big trade deal … but we’ve got to de-escalate before we can move forward,” he said.

He said that Trump was using “strategic uncertainty” to “get the best trade deals possible,” and, “That’s what’s happening with the trading partners who are coming to us.”

“The world has been coming to the US (for deals), and China has been the missing piece,” he said. “We don’t want to decouple; what we want is fair trade.”

Greer said in a statement: “At President Trump’s direction, I am negotiating with countries to rebalance our trade relations to achieve reciprocity, open new markets, and protect America’s economic and national security. I look forward to having productive meetings with some of my counterparts as well as visiting with my team in Geneva who all work diligently to advance U.S. interests on a range of multilateral issues.”

US stock futures shot higher in after-hours trading on the announcement.

Dow futures were up 270 points, or 0.7%. The broader S&P 500 futures rose 0.8% and Nasdaq futures were 1% higher.

Stocks have been rising in recent weeks after Trump announced carve-outs from massive 145% tariffs for some Chinese goods, including electronics. Investors were hopeful that the move signaled a deal could get done.

Bessent testified before Congress on Tuesday that although talks have not been active between the two countries, there have been signs of an emerging detente. Both Trump and Bessent have said the severe tariffs on China remain unsustainably high, and China signaled last week it was open to some negotiations on trade.

In a statement, the Chinese Commerce Ministry said China agreed to talks following a “thorough assessment” after senior American officials repeatedly hinted at adjusting tariff measures and reached out to China through multiple channels. According to China’s Foreign Ministry, Chinese Vice Premier He Lifeng will be meeting Bessent during his visit to Switzerland from May 9 to 12.

“Taking into full consideration global expectations, China’s own interests, and the appeals of American businesses and consumers, China has decided to agree to engage with the US,” an unnamed spokesperson for the Chinese Commerce Ministry said in the statement.

The spokesperson reiterated that any dialogue or negotiation must be conducted on the basis of mutual respect, equality and mutual benefit.

“If the US says one thing but does another—or seeks to use talks as a cover for continued coercion and blackmail—China will not agree, and will certainly not compromise its principles or sacrifice international fairness and justice for the sake of reaching any deal.”

This story has been updated with additional details.

Nectar Gan and Ramishah Maruf to this report.

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