The U.S. and China have resumed crucial tariff talks that have put the global economy on edge, but appeared to have diverging views of where the negotiations presently stand.

Treasury Secretary Scott Bessent and Jamieson Greer, the United States Trade Representative, are leading the talks for Washington. For Beijing, the negotiations are being led by He Lifeng, China’s vice premier for economic policy. The tariffs effectively cut off trade between the world’s two largest economies.