The United States and China on Friday said they made progress in talks aimed at defusing a nearly 16-month-long trade war that has harmed the global economy, and U.S. officials said a deal could be signed this month.
The Chinese Commerce Ministry on Friday said the world's two largest economies had reached "consensus on principles" during a "serious and constructive" telephone call between their main trade negotiators.
U.S. President Donald Trump said he hoped to sign an agreement with Chinese President Xi Jinping at a U.S. location, perhaps in the farming state of Iowa, which will be a key battleground state in the 2020 presidential election.
U.S. and Chinese negotiators have been racing to finalize a text of a 'phase one' agreement for Trump and Xi to sign this month, a process clouded by wrangling over U.S. demands for a timetable of Chinese purchases of U.S. farm products.
A critical date is Dec.
15, when new U.S. tariffs on Chinese imports such as laptops, toys and electronics are set to kick in.
Both the United States and China have an interest in reaching a deal and averting those tariffs.
On Friday, President Trump also said Iowa is one of the places being considered for signing the trade deal.
Trump and Chinese President Xi Jinping had hoped to finalize the agreement at a summit in Chile in mid-November, but Chile announce it was canceling the event due to ongoing mass demonstrations in the country.