CHICAGO, May 24 (Xinhua) -- American Soybean Association(ASA) leaders are pleased as a potential trade war between China and the United States has been suspended, local media WNAX reported on Thursday.

Last week, China and the United States had economic and trade consultations in Washington.

According to a joint statement issued on Saturday, the two sides agreed to take effective measures to substantially decrease the U.S. trade deficit in goods with China, and China will significantly increase its purchase of U.S. products, especially agricultural and energy products.

ASA Board member Kevin Scott said he is pleased with the progress made by both sides. "I am hoping this will lead to better trade relations with China," he said.

China is the world's biggest buyer of U.S. soybeans, having imported a total of 27.5 million tons in 2017, according to the U.S. Department of Agriculture. In money terms, it represents an approximately 14-billion-dollar business annually.

"As the consultations advance, it's important to keep the lines of communication open, as well as build on the positive trade relationships already established," said Scott.