Trump, during a meeting with Chinese vice premier Liu He in the Oval Office, floated the idea of following up on a potential trade deal with China with a second phase deal that addressed the issue of military spending and arms production.
"This is the granddaddy of them all".
The president added that if there is a deal he will hold a summit with Chinese President Xi Jinping.
"We have a ways to go", the president told reporters.
The world's two largest economies imposed tariffs on billions of dollars worth of one another's goods over the past year. Trump said Thursday that he'd discuss the future of tariffs with Liu.
He also described it as potentially "epic" and "historic". Three days later, he predicted that he would sign a deal "fairly soon".
China and the United States are working to end a standoff that has shaken financial markets and darkened the outlook for the world economy.
In recent bargainingsessions, negotiators have closed the gap on provisions governing digital trade, and access forAmericanbanks and financial institutions to China's market. "But we're not there and we hope this week to get closer", he said. "We'll tariff their cars", he said. -China standoff is reducing trade and creating uncertainty for businesses trying to decide where to make investments.
Beijing is also expected to agree to sharply increase purchases of USA goods, putting a dent in America's massive trade deficit with China, which came to a record $379 billion previous year. The president has spoken of keeping at least some tariffs in place as leverage to encourage the Chinese government to comply with an eventual agreement.
Other non-binding promises China has offered to implement by 2029 wouldn't be tied to potential USA retaliation, they said, without elaborating.
Goods trade between the United States and China, the world's two largest economies, totaled $660 billion a year ago, according to US Census Bureau data, consisting of imports of $540 billion from China and $120 billion in exports to China.
President Donald Trump on Friday said the United States and China are close to entering into a trade agreement and somethingvery "monumental" could be announced in next four weeks.
The issue has been a source of tension between the two countries for years.
The Wall Street Journal and the New York Times reported that Trump was expected to announce a date for a summit at that time, but a senior administration official told Reuters that was incorrect.
The White House is particularly focused on purchases commitments through the second quarter of 2020, in an effort to narrow the trade balance ahead of Mr Trump's re-election bid.
He also vowed to eliminate the United States' chronic trade deficit with China, yet saw it climb to a record US$419.2b in 2018.
However, Trump was actually calling Xi Jinping "king" as far back as October 2017, evidently in response to reports that following the 19th Party Congress, Xi had become the most powerful Chinese leader since Mao with hispersonal ideology enshrined in the Communist Party constitutionand a Politburo Standing Committee team that includedno apparent replacement for him waiting in the wings.
USA and Chinese negotiators on Wednesday began their ninth round of talks to resolve the dispute over United States allegations that Beijing is using predatory tactics, including cyber-theft, in a campaign to challenge U.S. technological dominance.