Beijing, China - President Donald Trump on Wednesday suggested that a trade deal was "possible" with China as Beijing called for "mutual respect" from the US.

Trump weighed in on trade with China and his relationship with President Xi Jinping while speaking to reporters aboard Air Force One on Wednesday.

"I have a very good relationship with President Xi," Trump said. "But remember – he loves China and I love the USA so, you know, right there is a little bit of competitiveness – but the relationship I have with President Xi is, I would say, a great one."

Over the course of his first month in office, Trump has threatened sweeping tariffs on trade partners, and targeted China with blanket 10% tariffs on all imports to the US.

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Trump also threatening to impose 25% tariffs on all imported cars, and similar or higher duties on pharmaceuticals and semiconductors as well as steel and aluminum.

Despite his administration's aggression towards China, Trump has touted his relationship with President Xi and even said that a deal was still "possible" if Beijing comes to the negotiating table.

"It's possible," Trump told journalists. "We did a great trade deal with China. We did – great for farmers, great for manufacturers, they had to buy $50 billion worth of our product."

Trump was referring to a deal struck in early 2020 which would have seen the Chinese purchase $50 billion worth of US goods. It was derailed by the Covid-19 pandemic, but Beijing has indicated it would be willing to resurrect the agreement.

"We were making them buy it," Trump said in reference to the deal. "The problem is that Biden didn't push them to adhere to it."

Trump's comments came as officials in Beijing are becoming increasingly concerned about the impact the new US administration could have on stability in their region.

Just this week, China condemned what it called US "tariff shocks" and accused the Trump administration of breaking World Trade Organization (WTO) rules in waging trade warfare through punitive tariffs.

When asked by reporters about Trump's comments on a "possible" deal with China, Beijing's foreign ministry spokesperson Guo Jiakun said that the US "should resolve their concerns through dialogue and consultation based on equality and mutual respect."

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"Trade and tariff wars have no winners and only serve to damage the interests of people all over the world," Guo told a regular news briefing.

"We resolutely oppose the US side's methods of unilateral tariff increases," Guo said, adding that China would "continue to take necessary measures to resolutely uphold its own legitimate interests."