China and the United States have agreed to remove additional tariffs in phases, with both sides working to wrap up an interim trade agreement, the Chinese Ministry of Commerce said on Thursday.

Ministry spokesman Gao Feng said China and the US had extensive and serious discussions over the past two weeks to try to end their trade war, and the agreement would help stabilise the world economy.

“In the past two weeks, top negotiators have had serious and constructive discussions on resolving issues of core concern. Both sides agreed to remove the additional tariffs imposed in phases as progress is made on the agreement,” Gao said.

“If China and the US reach a phase one deal, both sides should roll back existing additional tariffs in the same proportion simultaneously.”

He said that both sides could decide how much would be scrapped in the first phase based on the content of the agreement.

“Economic and trade teams from both sides have been in constant communication. We hope to resolve our issues of core concern in an equal and mutually respectful manner,” he said.

But Gao said he had no information about where or when an agreement would be signed.