China's commerce ministry reiterated the US president's sentiments saying that it was 'maintaining close communication' on economic and trade fronts.
President Donald Trump in a tweet said today that the US was "very close to a big deal with China".
The US president's comments come as his administration gets ready to impose tariffs on almost $160 billion of Chinese imports such as video game consoles, computer monitors and toys on Sunday which could hit stock markets around the world.
Getting VERY close to a BIG DEAL with China. They want it, and so do we!
Trump tweeted "Getting VERY close to a BIG DEAL with China. They want it, and so do we."
China's commerce ministry reiterated the US president's sentiments saying that it was "maintaining close communication" on economic and trade fronts but refused to say what kind of retaliatory steps it would take if the US imposes new tariffs.
US and China have been locked in a trade war for the past one year with the Trump administration maintaining its tariff grip over Chinese products entering the US, China, in turn, has hit back with retaliatory tariffs.
In August, China said it would impose 5 per cent and 10 per cent in additional tariffs on $75 billion of US goods in two batches.
Oil prices rose after President Donald Trump said Washington was "very close" to a deal.
Brent crude rose $1.06 cents to $64.78 a barrel by 1502 GMT. Oil prices had fallen IEA pointed to pressure on oil prices, predicting a sharp rise in global inventories despite an agreement by OPEC and its allies to deepen output cuts but Trump's tweet gave fresh impetus to the prices.