Hope is rising for the Sino-US trade talks as both negotiation teams are trying their best to turn the consensus reached between both countries' leaders into reality, according to the Ministry of Commerce on Saturday.

Tariff hikes do no help any parties, Wang Shouwen, vice-minister of commerce, told a press conference during the two sessions on Saturday.

A mutually beneficial agreement between China and the United States will meet both countries' interest and also the whole world's expectation, Wang added.

Negotiations must be based on the principle of equality, mutual benefit and respect, Wang said.

China and the US have intensified negotiations since December, when President Xi Jinping and US President Donald Trump agreed on a 90-day tariff truce on the sidelines of the G20 Summit in Buenos Aires.

The two sides are implementing consensus reached by two leaders, striving to stop imposing and eventually eliminate additional tariffs on each other’s imports, Wang said.