US President Donald Trump said in a statement on Thursday that the United States and China are on the verge of signing an agreement on bilateral trade.
The statement comes as the US and China are seeking to postpone the US-imposed tariffs which are set to take place on 15 December, raising hopes to reinvigorate the proposed "phase one" trade agreement between Beijing and Washington.
The White House previously announced that the "phase one" of the US-China trade deal is being prepared but there is no timeline of when it will be finalised.
The world’s two leading economies have been engulfed in a trade war for over a year over what Trump deemed unfair economic conditions and non-competitive behaviour from China. China has denied such claims, saying that the trade row is not beneficial to either side and the world economy. The standoff translated into tit-for-tat hiking of tariffs in imported goods between the countries.