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The Chinese Foreign Ministry said Sunday in a statement that Beijing was ready to cooperate with the United States in an attempt to revive their relations towards the goal of global stability.
Foreign Ministry Spokesperson Lu Kang Releases Consensus Agreement US President Trump and Chinese President Xi Jinping reached consensus at the Group of 20 summit in Argentina early this month, Reuters said.
On Saturday, Trump wrote on Twitter that "great progress" was being made in the US-China trade negotiations and that a potential deal was organizing "very well".
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"President Xi, China, had a long and very good phone conversation. Deal is progressing very well. If completed, it will be very complete and cover all topics, areas and points of contention. Great progress has been made! Trump wrote on Twitter.
Following the call, President Xi expressed hope that the two countries could move towards a more cooperative relationship, reported Reuters Saturday.
United States, China's two largest economies, have imposed reciprocal tariffs on their goods, although Washington and Beijing have agreed on December 1 to postpone further increases in order to negotiate an agreement
If no trade agreement is reached, the United States stands ready to raise tariffs on Chinese products from $ 200 billion to instead of 10%, which could potentially have a significant effect on US industries – such as electronics, furniture and machinery – that depend on Chinese imports, the Wall Street Journal reported.
An Increase of the tariffs could also slow the Chinese economy and potentially slow global growth
A US trade delegation is expected to visit Beijing in early January for talks with the Chinese. If these negotiations progress, other negotiations will soon follow in Washington, the newspaper said.
At the G20, Trump and Xi agreed on a 90-day truce on tariff increases in the hope of reaching a trade deal.
Fox News's Matthew Kazin contributed to this story.
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