Washington, Oct 13 (TIWN) Chinese and American trade negotiators have reached a preliminary agreement aimed at easing the ongoing trade war between the two nations after holding a new round of high-level talks in Washington, media reports said.

"We've come to a very substantial phase one deal," President Donald Trump announced in the Oval Office alongside Chinese Vice Premier Liu He Friday afternoon. "We've come to a deal, pretty much, subject to getting it written." The deal, Trump said, amounts to a "love fest" after months of friction. Finalizing the agreement on paper, Trump said, would take three to five weeks. "We're going to be in Chile together in the big summit," he added, appearing to confirm a meeting with Chinese President Xi Jinping at the APEC summit next month. "We've come to a deal on intellectual property, financial services, a tremendous deal for the farmers -- a purchase of from $40-50 billion worth of agricultural products," he added.