(CNN) — US and Chinese officials have reached a framework agreement, averting a potentially ruinous 157% tariff on Chinese goods while paving the way for a potential trade deal to be discussed between President Donald Trump and Chinese leader Xi Jinping later this week.

The apparent progress came during the first leg of Trump’s weeklong diplomacy tour in Asia , easing tensions between the world’s two biggest economies after weeks escalatory actions they slapped on each other.

Asia markets and US stock futures reacted positively to the news. Here’s what we know so far about the talks.

Positive signs in Malaysia

US and Chinese negotiators conducted their latest round of talks in Malaysia’s capital Kuala Lumpur, the first stop of Trump’s whirlwind diplomatic tour of Asia.

And it was s

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