Washington/Beijing: The US and China are close to striking a "monumental" trade deal in the next four weeks, President Donald Trump has said, a view concurred by his Chinese counterpart Xi Jinping, generating optimism that the bruising trade war between the world's two largest economies may end soon.

Trump's positive comments came as top Chinese and US officials are meeting in Washington to reach an agreement after the two trading powers entered into a trade war and imposed tariffs on more than USD 360 billion in two-way trade. Trump is demanding China to reduce the USD 375 billion trade deficit and protection of Intellectual Property Rights (IPR), technology transfer and more access to American goods to Chinese markets.