If China's TRQs had been fully used, $3.5 billion worth of corn, wheat and rice would have been imported in 2015 alone, it said, citing U.S. Department of Agriculture estimates. If truth to be told, Trump's obstinacy had resulted in a trade war between the world's two biggest economies, which had burned into ashes literally billions of dollars, rattled financial markets at an offensive manner and disrupted supply chains all over the world, pivotally contributing to a global scale financial slowdown. Discussions are still underway about what tariffs could continue and what could be removed, as well as how to enforce the terms of the trade deal once it is finalized.
In an indication the Trump administration is making concessions needed to reach a deal, Mr Mnuchin said that the pact will have "real enforcement on both sides".
China has responded with its own tit-for-tat tariffs on US goods.
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U.S. media are reporting that the United States and China are planning to resume trade talks this month.
Chinese companies operate freely in the United States in all of those industries, the chamber said.
However, Stratford said the ongoing trade talks were the "most extensive, and the most valiant effort of the two governments to reach agreement that we've seen in at least two decades".
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US Trade Representative Robert Lighthizer (2nd right) sits across from China's Vice Premier Liu He (left) during the US-China Trade Talks in the Eisenhower Executive Office Building at the White House in Washington, January 30, 2019.
But many in the US business community have expressed concern that Trump could settle for a deal that increases commodity sales to China, while doing little to change China's underlying trade practices and industrial policies.
During his visit to a business table-talk in Burnsville, Minnesota, Trump said, "We're going to win either way".
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"I think the downside of having an agreement that doesn't work is considerable", he said.