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00:00President Trump is hailing what he calls very good progress in trade talks with China this weekend.
00:06The two countries have been at loggerheads since President Trump's tariffs on most Chinese goods went into effect more than a month ago.
00:14Fox's Madeleine Rivera has more from Washington.
00:17There's a lot riding on these conversations, even though U.S. officials made it clear they don't expect a trade deal to come out of these conversations.
00:24But the fact that the U.S. and China are talking is progress alone, and they do expect that these conversations will continue tomorrow.
00:32Treasury Secretary Scott Besson and U.S. Trade Representative Jameson Greer are leading the conversations on the U.S. side.
00:38Here's what U.S. Ambassador to China David Perdue says the U.S. wants to accomplish with China.
00:43We need to repair that, create a level playing field.
00:47We also need to rebuild our strategic industries that have been hollowed out by this unfair.
00:52And you said it earlier today, it's free trade, but it's not fair trade.
00:57And so there are other things like currency manipulation, regulation, overbite, and so forth, that this president wants to deal with, not just tariffs.
01:05The president has floated the possibility of dropping the 145 percent tariffs on China to 80 percent.
01:11The White House maintaining that's not a change in the president's position, saying he'll only do so if China makes concessions.
01:18So while those talks with China continue, the president anticipates other deals could condemn the pipeline.
01:24This, of course, comes as his administration works to finalize the details on that framework agreement with the U.K.
01:29The two sides claiming wins for their countries, though the president's 10 percent baseline tariff would remain in effect.
01:35And that might be what other countries should expect even after a deal is done.
01:39The president is committed to the 10 percent baseline tariff, not just for the United Kingdom, but for his trade negotiations with all other countries as well.
01:47The president says he could make an exception if a country does something exceptional for the U.S., though we don't know what that may be.
01:54In Washington, Mala Rivera, Fox News.
01:56The president says the two sides have negotiated, quote, a total reset in a friendly, constructive manner, but no further details were released.