Had good talk with Chinese president Xi on trade deal, formal signing being arranged: Donald Trump

US President Donald Trump on Friday held a discussion on his "giant trade deal" with Chinese President Xi Jinping.

Taking Twitter to inform about the talk, Trump said, "China has already started large scale purchase of agricultural product and more."

"Formal signing is being arranged," he added.

However, he did not give a date for when the deal will actually be signed.

Both leaders also talked about North Korea and Hong Kong, where Trump said he is working with China.

Beijing and Washington have been at loggerheads for more than a year, with US President Donald Trump emphasizing trade relations with China as a central tenet of his "America First" agenda.

Trump has demanded that China commit to specific minimum purchases of US agricultural products, among other concessions on intellectual property rights, currency and access to China's financial services markets.

In November, Chinese Commerce Minister Gao Feng had said, China is willing to work with the United States to resolve each other's core concerns on the basis of equality and mutual respect, and will try hard to reach a "phase one" deal.

Economists warn that the prolonged trade dispute between China and the United States is escalating risks to the global economy by disrupting supply chains, discouraging investment and dampening business confidence.

Meanwhile, earlier this month, US angered China as the House of Representatives passed legislation to back protesters in Hong Kong and send a warning about human rights.

(With inputs from agencies)