Trump and Xi have spoken periodically about trade over the past year, most recently at the Group of 20 summit held over the summer in Japan.
Last week, an American trade coalition urged President Trump to reach a "phase one" deal with China in an effort to resolve the ongoing trade war between the U.S. and China.
Some details are starting to emerge on how China would increase imports from the U.S.by as much as $200 billion over the next two years. He expects a deal to be signed in early January.
China waived import tariffs for some soybeans and pork shipments from the Unite States on December 6, before the two sides reached a Phase 1 trade deal to cancel tariffs that were planned to take effect on December 15. In exchange, China is supposed to ramp up its purchases of US farm products to $40-$50 billion per year.
FILE - A Cosco Shipping container ship passes the Golden Gate Bridge in San Francisco bound for the Port of Oakland. There is also a Financial Services Chapter which addresses trade and investment barriers to US financial services providers and an Intellectual Property Chapter that addresses concerns regarding intellectual property issues. Chinese officials have said the deal will "fundamentally serve the interests of people of both countries and the world".
Notably, the Phase One deal announced earlier this month is supposed to be a part of an attempt to put an end to a protracted trade war between the world's two superpowers.
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China and the United States have agreed on the text of a phase-one economic and trade agreement based on the principle of equality and mutual respect.
Meanwhile, President Trump has said other tariffs will not be suspended or reduced as negotiations continue.
"China has already started" large-scale purchases of agricultural products, and a formal signing of the document is "being arranged", Trump wrote.
"This (deal) could unlock further upside for equity markets, driven by an improvement in business confidence and a recovery in investment", Haefele and his team said in a note.
"We see the phase-one agreement as modest, but for now, it ends the escalation pattern", Stephen Gallagher, chief USA economist at the French multinational investment bank Societe Generale, told Xinhua in an interview.