WASHINGTON — Top economic officials from the United States and China concluded their first day of meetings in Geneva on Saturday evening, setting up a second day of high-stakes negotiations today that could determine the fate of a global economy that has been jolted by President Donald Trump’s trade war.

Neither side provided an immediate readout about how the talks went.

The meetings are the first since Trump ratcheted up tariffs on Chinese imports to 145% and China retaliated with its own levies of 125% on U.S. goods.

The tit-for-tat effectively cut off trade between the world’s largest economies while raising the possibility of a global economic downturn.

The stakes for the meetings are high, but expectations for a breakthrough that results in a meaningful reduction in tariffs are low. It has taken weeks for China and the United States to even agree to talk, and many analysts expect this weekend’s discussions to revolve around determining what each side wants and how negotiations could move forward.

Still, the fact that Beijing and Washington are finally talking has raised hopes that the tension between them could be defused and that the tariffs could ultimately be lowered. The impact of the levies is already rippling across the global economy, reorienting supply chains and causing businesses to pass additional costs on to consumers.

The negotiations will be watched closely by economists and investors, who fear that a U.S.-Chinese economic war will lead to slower growth and higher prices around the world. Businesses, particularly those that rely on Chinese imports, are also on high alert about the talks as they grapple with how to cope with the new taxes and the uncertainty about whether they will remain in place.

“Both the U.S. and China have strong economic and financial interests in de-escalating their trade hostilities, but a durable detente is hardly in the offing,” said Eswar Prasad, a former director of the International Monetary Fund’s China division.

“Nevertheless,” he added, “it represents significant progress that the two sides are at least initiating high-level negotiations, offering the hope that they will temper their rhetoric and pull back from further overt hostilities on trade and other aspects of their economic relationship.”

The Trump administration’s negotiators are being led by Treasury Secretary Scott Bessent, a former hedge fund manager who has said the current tariff levels are unsustainable. He will be joined by Jamieson Greer, the U.S. trade representative, who helped design Trump’s first-term trade agenda. Trump’s hawkish trade adviser, Peter Navarro, was not scheduled to participate in the talks.

He Lifeng, China’s vice premier for economic policy, is leading the talks on behalf of Beijing.