After two days of what they referred to as "candid, in-depth and constructive" negotiations, the Chinese and U.S. governments said they had reached what one Chinese media outlet described as an "important consensus," most notably agreeing to establish a new bilateral consultation mechanism.

Details are expected to be finalized and released in a joint statement tomorrow. At this point, however, it is unclear whether any substantive agreement has been reached on market opening or other trade issues, and, if so, what it covers and how far it goes.