Trump hails China talks, says 'total reset' negotiated

US President Donald Trump has hailed talks with China in Switzerland, saying the two sides had negotiated "a total reset ... in a friendly, but constructive, manner".

"A very good meeting today with China, in Switzerland. Many things discussed, much agreed to," Trump posted on his Truth Social platform.

"We want to see, for the good of both China and the US, an opening up of China to American business. GREAT PROGRESS MADE!!!" He did not elaborate on the progress.

Earlier, top US and Chinese officials wrapped up the first day of talks in Geneva aimed at defusing a trade war that threatens to hammer the global economy and planned to resume negotiations on Sunday, a source close to the discussions said.

Chinese Vice Premier He Lifeng met for about eight hours with US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer in their first face-to-face meeting since the world's two largest economies heaped tariffs well above 100 per cent on each other's goods.

Neither side made any statements afterwards about the substance of the discussions nor signalled any specific progress towards reducing crushing tariffs as meetings at the residence of Switzerland's ambassador to the UN concluded at about 8pm local time on Saturday (4am Sunday AEST).

Bessent, Greer and He were meeting in Geneva after weeks of growing tensions prompted by Trump's tariff blitz starting in February and retaliation from Beijing that has brought nearly $US600 billion ($A935 billion) in annual bilateral trade to a virtual standstill.

The trade dispute, combined with Trump's decision in April to impose duties on dozens of other countries, has disrupted supply chains, unsettled financial markets and stoked fears of a sharp global downturn.

The location of the talks in the Swiss diplomatic hub was never made public. However, witnesses saw both delegations returning after a lunch break to the gated UN ambassador's villa, which has its own private park overlooking Lake Geneva in the leafy suburb of Cologny.

Earlier, US officials including Bessent and Greer smiled as they left their hotel on the way to the talks, wearing red ties and American flags on their lapels. Bessent declined to speak to reporters.

At the same time, Mercedes vans with tinted windows were seen leaving a hotel where the Chinese delegation was staying on the lakeside as runners preparing for a weekend marathon warmed up in the sunshine.

Washington is seeking to reduce its $US295 billion ($A460 billion) goods trade deficit with Beijing and persuade China to renounce what the United States says is a mercantilist economic model and contribute more to global consumption, a shift that would require politically sensitive domestic reforms.

Beijing has pushed back against what it sees as external interference. It wants Washington to lower tariffs, clarify what it wants China to buy more of, and treat it as an equal on the world stage.

China's official Xinhua News Agency said in a commentary on Saturday the United States' "reckless abuse of tariffs" had destabilised the global economic order, but added the negotiations represented "a positive and necessary step to resolve disagreements and avert further escalation".

"Whether the road ahead involves negotiation or confrontation, one thing is clear: China's determination to safeguard its development interests is unshakable, and its stance on maintaining the global economic and trade order remains unwavering," Xinhua said.

With distrust running high, both sides have been keen not to appear weak, and economic analysts have low expectations of a breakthrough.

Trump said on Friday that an 80 per cent tariff on Chinese goods "seems right", suggesting for the first time a specific alternative to the 145 per cent levies he has imposed on Chinese imports.