U.S. President Donald Trump has proposed the creation of a Palestinian state as a means to end the long-standing conflict in the region.

President Trump unveiled the proposal at the White House on Tuesday in a joint press conference with visiting Israeli Prime Minister Benjamin Netanyahu.

The proposed Palestinian State would have its capital in portions of east Jerusalem.

The proposal was welcomed by Netanyahu, who hailed Trump as “the greatest friend that Israel has ever had in the White House.”

Trump's proposed deal calls for a four-year halt in new Israeli settlement construction, during which the Palestinian statehood will be negotiated.

"My vision gives the Palestinians the time needed to rise up and meet the challenges of statehood. I sent a letter today to President Abbas. I explained to him that the territory allocated for his new state will remain open and undeveloped for a period of four years. During this time Palestinians can use all appropriate deliberations to study the deal, negotiate with Israel, achieve the criteria for statehood and become a truly independent and wonderful state.” President Trump said, pledging his country's support for Palestine.

The White House joint press conference came as President Trump' impeachment trial continues and Prime Minister Netanyahu was formally charged with fraud, bribery and breach of trust in three separate corruption cases.