The US and China will extend their trade talks by another day, stoking hopes that the two countries are making progress in their attempts to defuse a bruising dispute that has rattled the global economy.

The office of the US Trade Representative confirmed that the discussions, which began on Monday in Beijing and had been set to conclude today, would continue on Wednesday. No reasons were given for the extension. However, President Donald Trump tweeted on Tuesday morning that talks with China were “going very well!”

Both countries are under heavy pressure to find a resolution amid volatility in financial markets and growing fears of a global economic slowdown. Recent data has shown a marked loss of growth momentum in China, where the privately owned manufacturing sector contracted in December for the first time in 19 months. While US jobs growth remains robust, recent gauges for US manufacturing and the services sector both came in below expectations.