The United States and China are carrying out high-level diplomatic talks in Geneva, Chinese state-run media reported from the Swiss capital on Saturday.

Prospects for a major breakthrough appear dim. But there is hope that the two countries will scale back the massive import taxes they have imposed on each other's goods since President Trump launched a trade war.

Trade talks in Geneva between the United States and China have ended for the night but will continue on Sunday, a source familiar with the matter told Reuters.