Washington (CNN) President Donald Trump on Thursday hinted the United States and China may be inching closer to finalizing a deal to end a year-long trade impasse between the world's two largest economic superpowers within weeks.

Speaking in the Oval Office, the President said a trade agreement, which he described as "the granddaddy of them" could be announced "within the next four week or maybe less, or maybe more, whatever it takes," describing the possible agreement as "very monumental."

He declined to confirm reports that he would hold a summit with Chinese President Xi Jinping later this month, following an afternoon meeting at the White House with Chinese Vice Premier Liu He , who has been in talks with US negotiators this week in Washington. Instead, stressing "if there's no deal, a summit with Xi is off."

"If we have a deal, we'll have a summit," said Trump, who acknowledged the two sides hadn't reached a deal on tougher issues tied to intellectual property, tariffs and enforcement. "If there's no deal, we're not going to have a summit."

Liu hinted that the two sides are moving closer to a deal, calling the latest round of talks "fruitful."

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