But he also warned that tougher tariffs could be on the horizon if the Chinese don't play ball.
China said last week that tariffs on US autos would be 15 per cent if not for the trade dispute, and it called for a negotiated solution. He noted that the talks would be finalized within 90 days after his meeting with President Xi Jinping at the G20 forum.
The president's Treasury secretary, Steven Mnuchin, told reporters Monday that there will be "specific changes right away" to help the agricultural industry, even as the majority of the tentative agreement remains to be worked out over a 90-day-period agreed upon between the US and China.
Trump, in a series of Twitter posts, threatened to slap a range of import penalties on Chinese products if they did not make major changes in their economic relationship with the United States. China is supposed to start buying Agricultural product and more immediately.
"President Xi and I want this deal to happen, and it probably will".
White House officials have already begun backpedaling on President Trump's claim of an agreement with China to drop tariffs on USA cars entering the world's largest automotive market.
"When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so. It will always be the best way to max out our economic power", he said on Tuesday. The slump in the USA markets on Tuesday after the president called himself "Tariff Man" was proof, he said, that if "you live by the stock exchange, you die by the stock exchange". "MAKE AMERICA RICH AGAIN", he continued.
"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. The pair negotiated a pause in the trade scandal, fuelled by the Trump administration, thereby buying time for coming up with a more comprehensive agreement that would more permanently improve the bilateral relations.
"Tariffs are taxes on American families", tweeted GOP Nebraska Sen.
On Saturday, Trump and Chinese President Xi Jinping agreed to hold off on future tariffs until March 1.
Mnuchin cast the weekend dinner as a breakthrough in the trade standoff with China and said there were "very, very specific" items that the two leaders agreed to have incorporated into a broader agreement that has yet to be finalized.
The president also declared in a tweet late Sunday night that China has "agreed to reduce and remove tariffs on cars", though he didn't offer any further details.
He later said China had committed to buying large amounts of U.S. agricultural products and completely removing all tariffs on USA automobiles, a huge shift from its current 40 per cent penalty.
Gen. Jack Keane said Monday on "The Story" that he's in favor of the truce agreed upon between the USA and China, but "it remains to be seen" what results it will yield.
Until then, the only buyers likely to make purchases of pricey USA grain will be state-owned enterprises instructed by Beijing to buy soybeans for state reserves.
But despite the uncertainty and threats, Trump also said he was open to signing an agreement if one is reached between Chinese and U.S. negotiators. Trump named U.S. Trade Representative Robert Lighthizer to lead the talks with Beijing.
Trump's disparate statements about his commitment to brokering a lasting deal with China were the result of him trying to both appease the stock markets and gain leverage in the negotiations with China at the same time, Guajardo said.
China's foreign ministry, the only government department that holds a daily briefing that foreign media can attend, has repeatedly referred questions on details to the commerce ministry, which has yet to say anything.