The United States said Monday it will need to see "something concrete" from China in the next 90 days to build a real agreement on trade, two days after Donald Trump and Xi Jinping called a truce in the escalating confrontation between the two powerhouses. "President Xi laid out for President Trump very clearly what they're prepared to do on these issues, and the issues cover everything from purchasing more goods, which we've always talked about, but more importantly protecting intellectual property, eliminating forced joint ventures, protecting USA technology currency".
The president confirmed that Bob Lighthizer would lead the negotiations with China with assistance from Treasury Secretary Steve Mnuchin, Larry Kudlow, Wilbur Ross, and Peter Navarro.
However, Trump held out the possibility of an extension.
He said for the first time there was "a clear path" to reduce the USA trade deficit with China to zero.
As a result, the US plan to raise tariffs on $200 billion in Chinese goods to 25 percent January 1 were delayed, and China in return agreed to buy a "very substantial amount" of agricultural, energy, and industrial products from the U.S.to reduce the trade deficit. "Both parties agree that they will endeavor to have this transaction completed within the next 90 days".
‘I am a tariff man’: Trump warns China against raiding ‘great wealth’ of US as trade talks start
Trump on Sunday said China also would "reduce and remove" tariffs of 40 percent on cars, though Beijing has yet to confirm the move. "China is supposed to start buying Agricultural product and more immediately".
American farmers have been hit hard by China's retaliation on U.S. farm goods, especially soybean exports, which have plummeted.
"I think President Trump's strategy on tariffs were very effective", he stated.
"I$3 f a fair deal is able to be made with China, one that does all of the many things we know must be finally done, I will happily sign", he explained.