The U.S. and China ended high-stakes trade talks on a positive note on Sunday, with U.S. officials touting a "deal" to reduce the U.S. trade deficit, while Chinese officials said the sides had reached "important consensus" and agreed to launch another new economic dialogue forum.

A weekend of trade discussions between the United States and China ended with both sides temporarily slashing tariffs and agreeing to keep talking, a vast improvement over weeks of performatively sho...