US, China have hit each other with steep tariffs on more than $360 billion in bilateral trade.

US President Donald Trump voiced confidence Wednesday that the United States and China would strike a deal in their high-stakes trade standoff.

The two countries have hit each other with steep tariffs on more than $360 billion in bilateral trade, rattling global financial markets.

"I have a feeling that we're going to make a deal with China," Trump told reporters in the Oval Office.

Talks on an agreement broke down last month after Trump accused China of reneging on its commitments.