Chinese and U.S. negotiators are reportedly working on a plan to hold talks to end a trade dispute that would result in meetings between President Donald Trump and Chinese leader Xi Jinping at a summit in November, according to Dow Jones, CNBC reported.

A nine-member delegation from Beijing, led by Vice Commerce Minister Wang Shouwen, will hold meetings with U.S. officials led by the Treasury undersecretary, David Malpass, on Aug. 22 and Aug. 23, citing officials from both countries.

The world's two largest economies have been locked in escalating rounds of tit-for-tat tariffs, with $34 billion in goods targeted by each country and another $16 billion slated to go into effect on Aug. 23. Trump has threatened to impose duties on virtually all of the more than $500 billion of Chinese goods exported to the United States.