US Trade Representative Robert Lighthizer, Chinese Vice-Prime Minister Liu He, and US Treasury Secretary Steven Mnuchin at a trade talk in Washington, DC on October 10, 2019. (Photo: AFP / TTXVN)

The Chinese Commerce Ministry on Friday said the world’s two largest economies had reached “consensus on principles” during a “serious and constructive” telephone call between their main trade negotiators.

US President Donald Trump said he hoped to sign an agreement with Chinese President Xi Jinping at a US location, perhaps in the farming state of Iowa.

US and Chinese negotiators have been racing to finalize a text of a ‘phase one’ agreement for Trump and Xi to sign this month.