Hong Kong (CNN) US President Donald Trump and Chinese leader Xi Jinping could meet later this month to end the year-long trade war between the two countries.

The Wall Street Journal reported Sunday that the two sides are in the final stages of negotiating a deal that would involve the lowering of Chinese tariffs on a range of US goods if the Trump administration removes broad sanctions against Beijing.

According to the paper, both sides believe talks have progressed far enough that Trump and Xi could reach a formal agreement at a potential meeting around March 27. The report follows Trump's comments last week that two sides were "getting very, very close" to a deal and that he planned to meet Xi at his Mar-a-Lago resort in Florida

Progress toward a deal is welcome news for the Chinese government as top leaders gather this week in Beijing for major political events.

Sunday was the first day of the annual Chinese People's Political Consultative Congress, a body that nominally advises on laws and policy and whose members include numerous retired officials and celebrities. The National People's Congress, China's rubber stamp parliament, begins its annual session on Tuesday.