US President Donald Trump has hailed an "amazing" meeting with his Chinese counterpart, Xi Jinping, amid rising hopes for a de-escalation of tensions between the world's two biggest economies.

Beijing was less effusive, saying the two side had reached a consensus to resolve "major trade issues" during the leaders' first face-to-face meeting in six years.

Trump's trade war had set off tit-for-tat tariffs that shot past 100% on both sides, but they agreed to a truce in May - although tensions remained high.

Thursday's talks did not lead to a formal agreement but the announcements suggest they are closer to a deal - the details of which have long been subject to behind-the-scenes negotiations.

Trade deals normally take years to negotiate, and countries around the world have been thrown into resolving differences with the current Trump administration within a matter of months.