Chinese President Xi Jinping has made his first public statement on the prospects of an initial China-U.S. trade deal. Xi said Beijing is looking to reach an initial agreement with Washington, but will not hesitate to retaliate when necessary. He made the remarks at a meeting with foreign delegates attending the New Economy Forum in the Chinese capital. He added that the first phase of the trade deal must be based on mutual respect and equality as it comes at a crucial moment of bilateral relations. He said the development trend for China's economy will not change. He also spoke of its resilience and vast potential.