The Chinese Ministry of Commerce has announced a concerted effort with the US to reach a first-stage trade agreement that will benefit both sides.

"China is ready to cooperate with the United States to address each other's core concerns on the basis of equality, mutual respect and will work hard to reach a first phase agreement," a ministry spokesman said. Chinese trade Cao Phong today said at a press conference in Beijing.

Cao said Beijing and Washington still maintain communication channels, while affirming the partial trade agreement "completely in line with the interests of both China, the US and the world".

Observers say the statement by a Chinese Ministry of Commerce spokesman appears to be an attempt to calm concerns that US-China trade talks are stalling.

US President Donald Trump said on November 20 that China still did not have the necessary goodwill attitude in trade negotiations and was "less than expected". Trump previously threatened to raise taxes even more with China if the two sides failed to reach a trade deal.

U.S. and Chinese officials announced earlier this month that the two sides were ready to sign a first-stage trade agreement, in which Washington agreed to gradually lift tariffs, while Beijing increased purchases of American agricultural products. However, after Trump's statements, the future of this partial trade agreement became ambiguous.

Economic experts warn that the prolonged trade war between China and the US will escalate risks to the global economy, potentially putting the world economy into recession.