Trade deal with China being 'papered', says Trump

US President Donald Trump on Wednesday said the partial trade deal agreed with China last week is now being formally put on to the paper.

On Friday last week, Trump said that the US has reached a "very substantial" Phase 1 trade deal with China.

Echoing his words, China on Tuesday asserted that it was on the "same page" with the US on trade as it confirmed that the two countries are likely to sign a "phase one agreement" soon to end their trade war.

"It (the deal) hasn't been papered yet, but it is being papered," Trump told reporters at the White House.

The US and China trade negotiations had collapsed early this year after Beijing backed off from a draft agreement that was negotiated over six months.

"We were a piggy bank that everybody else was robbing," Trump said when asked about past trade deals with China.

He said earlier China used to win all trade deals, but now it would no longer happen.

"I give China a lot of credit. I give the people who were running our country no ...