Hong Kong (CNN) US President Donald Trump has announced plans for an "extended" meeting with Chinese leader Xi Jinping at the Group of 20 summit in Japan next week, a significant development aimed at resolving the ongoing trade war between the two countries.

Speaking at the White House Tuesday, Trump said US and Chinese negotiators would resume negotiations on Wednesday ahead of his planned talk with Xi at the sidelines of the summit in Osaka.

Trump was largely optimistic about a trade deal coming to fruition, despite talks breaking down last month.

"I have a very good relationship with President Xi," Trump said. "We'll see what happens. I think we have a chance. China wants a deal. They don't like the tariffs."

He added that a meeting between the two leaders "might go well."

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