Trump plays down trade war rhetoric; says talks with China going very well

US President Donald Trump today said said trade negotiations with China were going on "very well", asserting that the two countries have made a lot of progress.

"I'm proud to announce that we're getting along very well with respect to the whole very big negotiation that we're having with China," Trump told American workers at the White House today.

His remarks assume significance as both the US and China are locked in a virtual trade war, slapping additional import duties against each other's products.

The US has nearly USD 500 billion trade deficit. Trump has imposed an additional import tariff on some 1,300 Chinese products worth USD 50 billion and directed to look into another round of additional tariffs worth USD 150 billion. China has been quick in drawing up trade retaliation options against the US.