The US president says tariffs on goods could stay for longer to make sure China "lives by the deal".Read more
US officials plan to travel to China next week to resume face-to-face talks aimed at ending a trade war between them, media reports said.
US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin plan to fly to Beijing next week to meet with Chinese Vice President Liu He, The Wall Street Journal reported, citing unnamed Trump administration officials.
It also said that a Chinese delegation led by Mr Liu is expected to continue talks in Washington the week after, with the aim of closing a deal by late April.
Talks with China are going "very well" Mr Trump said at a press conference on Tuesday held jointly with Brazil's president Jair Bolsonaro.
The US-China trade war had a negative effect of $7.8bn on an annual basis for the US economy, according to a study.
The US and China placed tariffs on billions of dollars of one another's goods over the past year - a trade war that has contributed to the slowdown of the global economy.
"After accounting for higher tariff revenue and gains to domestic producers from higher prices, the aggregate welfare loss was $7.8bn (0.04% of GDP)," according to a research published by the National Bureau of Economic Research, co-written by researchers at UCLA, Berkeley, Columbia and Yale.
US Treasury Secretary Steven Mnuchin has told CNBC a lot of progress has been made on a trade deal with China but a deal "is not done yet."
"We still have more work to do. We hope to make progress this month and if we do, there would be a summit between the two presidents," Mnuchin said.
He added that there had to be "real structural changes".
President Trump has given his strongest hint yet that he will extend the deadline for a trade deal with China beyond 1 March.
Ryan Hass, a former China advisor to President Obama who is now with the Brookings Institution think tank in Washington DC, has been explaining why such an extension needs to happen to get a deal done