The previous 18 months of trade talks between the U.S. and China have only led to more tit-for-tat tariffs, but this time it might be different, according to Chinese sources who seem to have inside knowledge on the trade war.

China's Ministry of Commerce confirmed the two countries held a phone call Thursday and agreed to meet in early October in Washington. This would mark the 13th round of trade negotiations after both sides slapping tariffs on billions of dollars worth of each other's goods.

tweet

"There's more possibility of a breakthrough between the two sides," said Hu Xijin in a tweet Thursday. Hu is editor-in-chief of the Global Times, a tabloid under the People's Daily, which is the official newspaper of the Communist Party of China. His Twitter account has been followed by many Wall Street traders and market participants for insight on the trade war.

Hu has been spot on with the recent developments in the escalated trade dispute. Most recently, he had warned about the Chinese retaliation against President Donald Trump's tariffs just hours before the Chinese made the official announcement.