(MENAFN) President Donald Trump announced Tuesday that the United States and China are closing in quickly on a trade agreement that would lead to significant cuts in import tariffs between the world’s two largest economies.

During an interview with media, Trump stated, "We're getting very close to a deal. We're getting along with China very well," adding, "I think we'll make a good deal. It's not imperative, but I think we will make a good deal."

The president also minimized speculation about his eagerness to hold a face-to-face meeting with Chinese President Xi Jinping. While Trump acknowledged his "very good relationship" with Xi, he clarified that he is not currently pursuing a summit. Such a meeting might happen "before the end of the year most likely," but only if a trade deal is secured, he noted.

He questioned the purpose of meeting without an agreement, asking rhetorically, "If we don't make a deal, I'm not going to have a meeting. I mean, you know, what's the purpose of meeting if we're not going to make a deal?"

Earlier this year, on April 2, Trump introduced broad tariffs targeting multiple countries, setting a 10% baseline tariff rate during ongoing bilateral negotiations. He imposed an August 1 deadline for countries to finalize deals with his trade team or face increased import taxes.

Specifically for China, Trump set a slightly later deadline of August 12 to reach a deal or face tariffs exceeding 80%. However, US Trade Representative Jamieson Greer indicated on Sunday that this deadline might be flexible, stating the timeline is currently "under discussion."

Greer emphasized, "That's what's under discussion right now," while also highlighting positive developments: "I would say that our conversations with the Chinese have been very positive. We have discussions at the staff level, at my level. President Xi and President Trump have had conversations."

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