Chinese President Xi Jinping waves to the press as he walks with President Donald Trump at the Mar-a-Lago estate in West Palm Beach, Florida, April 7, 2017.

China and the U.S. have mutually agreed to "substantially reduce" the yawning trade imbalance between the two countries, a joint statement read on Saturday, in a move that will involve the Chinese boosting more of what they buy from American producers.

Amid fears of a global trade war and rising tensions between the world's two largest economies, both China and the U.S. have entered bilateral talks to bolster cooperation. In a statement issued by the White House, both parties forged a "consensus on taking effective measures to substantially reduce the United States trade deficit in goods with China."

Just a day ago, both countries were sharply at odds over a claim, made by White House Economic Advisor Larry Kudlow, that China would move to cut its trade deficit with the U.S. by $200 billion annually. That characterization was disputed by Chinese officials.

Left unclear was exactly how much the Chinese would boost its purchases of U.S. goods. The Wall Street Journal reported on Saturday that China's delegation rebuffed American demands to commit to an exact deficit reduction figure, and the two sides bickered all night over the statement's language.

The trade imbalance has long been a thorny and intractable topic in the Sino-US relationship. Commerce Department data recently showed that imbalance between what China buys from the U.S. and vice versa hit a record in 2017 at over $375 billion.

However, President Donald Trump has staked a resolution of the dispute on his personal relationship with Chinese President Xi Jinping. This week, Kudlow stated that China was "meeting many" Trump administration demands to cut its U.S. surplus.

"President Xi and I will always be friends, no matter what happens with our dispute on trade," Trump said in an April tweet.