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.

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.

U.S. and Chinese officials are set to meet in Switzerland to discuss potentially de-escalating the trade spat that has resulted in high tariffs for each country.