U.S. President Donald Trump has indicated that he may be close to reaching agreement with Chinese President Xi Jinping over tariffs, potentially ending ongoing trade wars.

Trump said negotiators were “very, very close” to a deal and suggested he would delay an increase in U.S. tariffs on US$200 billion of Chinese goods, extending his March 1 deadline.

“We’re going to have another summit, we’re going to have a signing summit,” Trump said. “So hopefully, we can get that completed. But we’re getting very, very close.”

Washington is demanding Beijing change the way it does business with the United States, demanding more access for U.S. companies, enforcement of intellectual property protection and an end to industrial subsidies.

Trump is currently in talks with North Korean leader Kim Jong-Un in Vietnam.

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