White House economic advisor Larry Kudlow said the figure was a broad benchmark that would depend on private transactions for United States goods and was subject to market conditions.
He said the negotiations with China would focus on "whether or not a real deal with China is actually possible".
Around the same time, Donald Trump announced slapping 25 percent tariffs on $50 billion worth of imported Chinese goods, and Beijing responded in kind, boycotting purchases of United States agricultural produce, among others. Trump said on Monday, however, "We are dealing from great strength, but China likewise has much to gain if and when a deal is completed".
Trump and Xi on Saturday agreed to the cease-fire in a trade war that has seen the flow of hundreds of billions of dollars worth of goods between the world's two largest economies disrupted by tariffs. In fact, the only definite thing to seemingly come out of the summit is the U.S. vowing to hold off on raising threatened tariffs for 90 days.
Trump repeated on Tuesday that China had agreed to "start buying agricultural product [s] and more immediately", a commitment that was absent from the Chinese Ministry of Foreign Affairs' statement on Sunday.
Team Trump said China would agree to purchase a not yet agreed upon, but very substantial, amount of farm, energy, industrial and other products from the US.
The U.S. leader said U.S. farmers "will be a very BIG and FAST beneficiary of our deal with China".
Like this story? Share it with a friend! Trump said in the Twitter post that Lighthizer would work closely with Mnuchin, Kudlow and trade adviser Peter Navarro.
The 7-year-old making $31.7m — YouTube top earners
The channel has amassed more than 17 million followers and close to 26 billion views since launching his main channel in 2015. That is exactly double what Ryan made in the previous year, according to Forbes , when he was placed eighth in the 2017 list.
President Donald Trump left his top advisers scrambling on Monday to explain a trade deal he claimed he'd struck with China to reduce tariffs on USA cars exported to the country - an agreement that doesn't exist on paper and hasn't been confirmed in Beijing.
"I have no assurances" China will change, Kudlow said, speaking at an event hosted by the Wall Street Journal. Senior administration officials also had trouble articulating any specifics about the deal in press briefings. Even before the Buenos Aires talks, Trump last month had stated incorrectly that the Chinese government "got rid of" the Made-in-China 2025 programme of subsidised technology development in response to his objections.
In a briefing to reporters, he also said the U.S. did not yet have a "specific agreement" on auto tariffs. We make the finest and cleanest product in the World, and that is what China wants. Many Democrats and Republicans, as well as global leaders, have agreed with Trump's assessment, and he has taken an adversarial approach with Beijing, saying he believes this is the only way to force changes.
US President Donald Trump informed his Chinese counterpart, Xi Jinping, that one of his cabinet's most strident trade hawks will lead negotiations aimed at averting a tariff escalation, according to reports on Monday.
No one's quite sure how Trump plans to get his way (and, in turn, pass on the cost of these tariffs to the US people), but what's also grabbing attention is how Trump phrased one of his tweets.
"Let the negotiations begin", Trump wrote on Tuesday.
U.S. President Donald Trump said in a series of tweets Tuesday that talks to secure a trade deal with China "have already started" and if a "fair deal" is reached, "I will happily sign it".