Shipping port

The US and China are set to relaunch their attempts to strike a trade deal, according to the Wall Street Journal.

Citing a senior source in President Trump's administration, the WSJ said US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will fly to Beijing next week to meet with Chinese Vice President Liu He. A delegation led by Mr Liu will then travel to Washington the following week.

The two are understood to be aiming to complete a deal by the end of April.

The two economic superpowers ended talks on 15 February with the US claiming there were "very difficult issues" that could not be resolved. However, by the end of the month, President Trump said they had made "substantial progress" and a deal could be close.

Both countries have imposed hundreds of billions of dollars worth of trade tariffs on each other in the past 12 months. The US has hit China with $250bn worth, while China has retaliated with $110bn worth. If a deal could not be struck by 1 March, the US said it would increase tariffs from 10% to 25%.

It is thought that the trade war is having a significant impact on the Chinese economy, which is, in turn, having a negative impact on the global economy.