But he also warned that tougher tariffs could be on the horizon if the Chinese don't play ball.
Unless extended, negotiations will now continue for three months from the date of Trump and Xi's dinner at the G20 summit in Argentina on Saturday. "If it is, we will get it done". China is supposed to start buying Agricultural product and more immediately.
"President Xi and I want this deal to happen, and it probably will", Trump wrote.
President Trump's self-proclaimed superhero status as "Tariff Man" does not impress Ben Shapiro.
Trump said he and Xi "are the only two people that can bring about massive and very positive change, on trade and far beyond, between our two great Nations. It will always be the best way to max out our economic power", he said on Tuesday.
Both sides will immediately hold talks on structural changes concerning forced technology transfers made by Chinese firms on US companies, intellectual property rights protection, non-tariff trade barriers, cyber intrusion concerns, cyber theft and agricultural, the White House added.
"MAKE AMERICA RICH AGAIN", Trump tweeted.
"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. Let the negotiations begin.
While China now has sanctions imposed on South Korea - the latter wants Pyeongchang to remove a us -designed anti-missile system - those will likely only last a few years, he said.
And China doesn't pay the tariffs - large importers like automakers or big box retailers do, either taking a loss or passing them on to consumers in the form of higher prices.
"There was a significant commitment from both leaders on what needs to be done over the 90 days and instructions to both teams to negotiate and turn this into a real agreement with specific action items, deliverables and time frames", Mnuchin said.
Despite the president's detailed claim, the president's top economic adviser, Larry Kudlow, said Monday that there is no "specific" agreement on what level Chinese auto tariffs will drop to, while Mnuchin said the two leaders had "specific discussions on where auto tariffs will come down to" but said he wasn't in a position to publicly reveal what the numbers in the tentative agreement are, nor did he clarify whether tariffs will be completely removed or reduced.
White House economic adviser Larry Kudlow said the US and China are "pretty close" to reaching agreement on intellectual property theft.
That includes more purchases of US farm products, which Trump - seemingly trying to remind Xi - has said will begin "immediately".
Dealing with the central issue of China's forced technology transfers and subsidies "will require time, communication and good-will - a rare trifecta these days", he said. In a 1990 interview with Playboy, the then real-estate investor said imposing tariffs on Japanese cars would be the first order of business if he ever won the presidency. The confusion was exacerbated by the absence of a joint statement from the US and China following the dinner.
At his political rallies and news conferences, Trump often praises the increase in USA military spending during his almost two years in the White House. At the end of the day, two realities remain: the U.S.is now an energy (oil and gas) producing super power alongside the ranks of Russian Federation and Saudi Arabia, while China, conversely, is the world's largest energy consumer, which gives it less leverage in ongoing trade and even geopolitical negotiations and developments.