Trump says he has not agreed to roll back tariffs on China

United States President Donald Trump said on Friday that he has not agreed to roll back the tariffs imposed on China, diluting hopes of the two leading economies ending trade war amid the global economic slowdown.

Trump's statement comes after confirmation by the US and Chinese officials that the two parties seek to scale back certain tariffs on each other's products as part of an initial trade deal, once it has been signed, Sputnik reported.

The world's two leading economies have been engaged in a trade spat for over a year over what Trump calls the unfair economic conditions and non-competitive behavior from China.

China has denied such claims, saying that the trade row is not beneficial to either side of the world economy. The standoff translated into tit-for-tat hiking of tariffs in imported goods between the countries.