Mubasher: President Donald Trump on Tuesday said that US and Chinese officials would restart trade negotiations in order to prepare for a meeting at the Group of 20 (G20) summit later this month, Reuters reported.

This came after the two leaders had a phone call, in which they agreed to start laying the groundwork for the anticipated meeting, President Trump said.

“We will be having an extended meeting next week at the G20 in Japan [and] our respective teams will begin talks prior to our meeting,” Trump tweeted.

The US and China are embroiled in a crippling trade war that has taken a heavy toll on financial markets and hurt the global economy.

Trade talks between the world’s two biggest economies had collapsed after 11 rounds of negotiations last month, after Trump said that China reneged on initial agreements leading to the trade deal.

Washington consequently raised tariffs on $200 billion worth of Chinese goods to 25% from 10%, to which Beijing retaliated with hiking duties on $60 billion in US imports to as high as 25%.