High-level talks between the United States and China have begun in Geneva, Switzerland, Chinese state media reported on Saturday, in a possible thaw in the trade war sparked by President Donald Trump’s massive tariffs.

Trump’s escalation sent financial markets tumbling and left U.S. retailers warning that they might run out of goods as U.S.-China trade implodes. U.S. consumers, worried about the prospect of empty shelves and higher prices, are losing confidence in the economy.