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.

With Wall Street embracing another rally, some financial markets are trading like Donald Trump’s “Liberation Day” shock never happened. The S&P 500 jumped 3.3%, and the Nasdaq 100 Index pushed back into a bull market.

The White House said it was announcing a trade deal without providing any details. Representatives from the U.S. and China had been meeting in Switzerland.