Chinese leader Xi Jinping said on Friday the "phase one" trade deal is beneficial to both China and the U.S., according to state-run media agency Xinhua.

"The first-phase economic and trade agreement reached between the U.S. and China is a good thing for the U.S., China, and the entire world," Xi said. "Both the U.S. and Chinese markets and the world have responded very positively to this. The U.S. is willing to maintain close communication with China and strive to sign and implement it as soon as possible."

Xi acknowledged a phone call he had on Friday with President Donald Trump regarding the trade agreement. Trump said earlier Friday that they had a "very good talk," that China has started "large scale" purchases of U.S. agricultural products and a formal deal signing is being arranged.