One of the officials of the U.S. administration said that even though they have not reached where they wanted to, great progress has been made in all areas when compared to the situation last month.
No details were announced but Trump said after meeting with Chinese Vice Premier Liu He that "something monumental" could be announced within weeks.
Speaking to reporters at the start of the meeting with Liu, Trump said: "We're getting very close to making a deal".
As part of his strategy to renegotiate trade with China, Trump has imposed tariffs on over $250 billion in Chinese imports.
Trump in early 2018 launched a trade war with China, seeking to slash that country's soaring trade surplus with the United States, end alleged unfair trade practices such as the theft of American technology and China's massive state intervention in markets.
"Some of the toughest things have been agreed to", Trump said.
The president said before meeting Liu on Thursday in the Oval office that the USA and China were close to a trade agreement, with an announcement possible in the next four to six weeks.More news: Alexandria Ocasio-Cortez: Campaign Finance Complaint Is 'Bogus'
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However, the two sides have closed many gaps including terms of digital trade and access for American banks and financial institutions in China's market.
He added, "It's got to be some enforcement mechanism that future Congresses and presidents can believe will work, because it just can't be, you know, a deal in name only".
Such a leadership should, as always, be the loadstar guiding bilateral negotiations to overcome all remaining conundrums so as to promote a healthy and stable development of bilateral economic and trade ties.
Beijing hopes that Washington can get rid of existing USA duties on Chinese imports, according to the Financial Times. However an USA official said that they will consider this but it was not possible to remove all the tariffs. People familiar with the talks said for that reason, the United States is pushing for China to front-load a big chunk of the commodities purchases in the first two years the agreement is in place.
Chinese Vice Premiere Liu He, who was present at the White House, said he agreed with Trump's idea. 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. Trump didn't announce a summit with Xi - a meeting Trump has said is critical to finalizing an agreement.
"China has been very clear, publicly and privately, that they would like to see all the tariffs removed", U.S. Chamber of Commerce global affairs chief Myron Brilliant told reporters on Tuesday.
The trade deal, should it be agreed, is expected to include a six-year time frame for purchases of more than $1 trillion in USA goods, including commodity products.