Trump says he will meet Xi to strike "great" trade deal as US-China talks end with no agreement

US President Donald Trump said he would soon meet his Chinese counterpart Xi Jinping to try to secure a "great" trade deal between the world's two largest economies as crucial talks to resolve the tariff war that rattled the global economy ended without any deal.

The US and China have been locked in an escalating trade spat since early 2018, raising import tariffs on each other's goods.

Last year, Trump imposed tariff hikes of up to 25 per cent on USD 250 billion of Chinese goods. The move prompted China to increase tariffs on USD 110 billion of American goods. During a meeting in Argentina on the sidelines of the G-20 Summit, Trump and Xi agreed to halt any further tariff increases for 90 days beginning January 1.

During the two-day talks which ended here on Thursday, US Trade Representative Robert Lighthizer led the US delegation while Vice Premier Liu He headed the Chinese side.

The White House said in a statement that the two sides had made progress but that "much work remains to be done." The administration said it would keep a "hard deadline" of March 2, at which point it would escalate import taxes on USD 200 billion in Chinese good if there was no deal.

Asked in the Oval Office, where he was meeting with Liu, whether a deal was possible, Trump said he was not sure.

"We have to get this put on paper at some point if we agree," the President said.

But Trump said he was optimistic the world's two largest economies could reach "the biggest deal ever made".

Responding to a question, Trump said the two countries have made "tremendous progress in trade negotiations. It doesn't mean you have a deal, but I can say there is a tremendous relationship and warm feeling."