'Big progress' with China on trade, says Trump after phone call with Xi Jinping

 US President Donald Trump on Saturday said "big progress" is being made on trade talks with China, following a long telephonic conversation with his Chinese counterpart Xi Jinping.

The US has imposed punitive tariffs on Chinese goods worth USD 250 billion per year. In retaliation, China imposed tariffs on USD 110 billion of American goods. A standstill agreement reached between

Trump and Xi on the margins of the G20 summit at Buenos Aires in November 30 and December 1 deferred the imposition of tit-for-tat tariffs by the two countries till March 1 to allow for negotiations."Just had a long and very good call with President Xi of China. Deal is moving along very well. If made, it will be very comprehensive, covering all subjects, areas and points of dispute. Big progress being made!" Trump tweeted.

After the two countries agreed to resolve their trade disputes in 90 days, American and Chinese officials held several round of telephonic calls over the last few weeks. Details of the trade deal is not yet out.Trump wants China to address the issue of massive trade deficit in bilateral trade along with the issue of theft of intellectual property.

In recent weeks, China has showed signs of some relaxation in its trade policies with the US as it opened up its market for some American products.