US, China in close communication ahead of next round of trade talks

The U.S. and China continue to prepare for the next round of trade talks in October.

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China's Commerce Ministry said on Thursday that the two countries are in close communication about the next round of talks, according to Reuters.

The next round is scheduled in two weeks.

President Trump said the U.S. may reach a trade deal with China “sooner than you think,” sending stock markets to the highest levels of the Wednesday trading session.

“We have created the greatest economy in the history of our country, the greatest economy in the world,” Trump said, referring to his administration's loosening of corporate regulations and GOP-led tax cuts.

“Had my opponent won, China would right now be the No. 1 economy by far," Trump said.

"Right now, China is way behind us, and they’ll never catch us if we have smart leadership. We've picked up trillions of dollars, and they’ve lost trillions of dollars. And they want to make a deal very badly and it could happen sooner than you think.”

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The president has imposed tariffs on billions of dollars in Chinese imports, which he says will force Beijing to negotiate a pact ending decades of trade-secret theft and giving U.S. companies greater access to the world's second-largest economy.

American businesses have repeatedly complained, however, that they're paying the import duties and their costs are rising as a result.