President Trump just broke every kind of human record: Time now for the word on Wall Street. Fox Business US-China trade deal is 'a really big break' for markets, expert says President Donald Trump said Monday that his administration reached an agreement with China to temporarily lower tariffs while the two sides negotiate a final agreement, which the president says will open the Chinese market for U.S. firms. "The biggest thing that we're discussing is the opening up China, and they've agreed to do that, but it's going to take a while to paper it, you know, that's not the easiest thing to paper," Trump said, noting that it will take time to finalize a formal version of the agreement. Connection for Seniors Singles Ad Connection for Seniors Singles WingTalks Join Now call to action icon "I think it would be fantastic for our businesses if we could go in and compete and compete with China," Trump said. "It would be a lot of jobs for China, it would be I think at a time when they can frankly use the jobs, and that's what we're talking about." He went on to explain that his administration's push for more market access in China for U.S. businesses is a means of resetting the balance of trade between the two countries, including through the removal of non-tariff barriers to trade. US, CHINA ANNOUNCE REDUCED TARIFFS FOR 90 DAYS AFTER TRADE TALKS President Trump said the most important part of the deal is China opening access to U.S. companies. Getty Images President Trump said the most important part of the deal is China opening access to U.S. companies. Getty Images © Chris Kleponis/CNP/Bloomberg via Getty Images "We opened up our country to China, they have very few restrictions, and they didn't open their country to us. Never made sense to me. It's not fair. And they've agreed to open China – fully open China. And I think it's going to be fantastic for China, I think it's going to be fantastic for us, and I think it's going to be great for unification and peace." READ ON THE FOX BUSINESS APP "China also will suspend and remove all of its non-monetary barriers. They've agreed to do that… they're very numerous," he added. TRUMP USING POWER OF AMERICAN ECONOMY TO OPEN CHINA TO US EXPORTERS: LUTNICK Tariffs are taxes on imported goods that are paid by U.S. importers, who typically pass higher costs on to consumers through higher prices. Getty Images Tariffs are taxes on imported goods that are paid by U.S. importers, who typically pass higher costs on to consumers through higher prices. Getty Images © Photographer: Michael Nagle/Bloomberg via Getty Images The president said that the "reciprocal" tariffs that were unveiled at the White House in so-called Liberation Day festivities on April 2, will be dropped from 125% to 10%, lowering the overall tariff on Chinese imports from 145% to 30% for a 90-day period, while China reduces its tariffs from 125% to 10%. Ozempic Injection Cost In Canada - Save Extra 10% with FIRST10 Ad Ozempic Injection Cost In Canada - Save Extra 10% with FIRST10 pharmagiant.com Learn more call to action icon "Yesterday, we achieved a total reset with China. After productive talks in Geneva, both sides now agreed to reduce the tariffs imposed after April 2nd to 10% for 90 days as negotiators continue on the largest structural issues," Trump said. "That doesn't include the tariffs that are already on that are our tariffs, and it doesn't include tariffs on cars, steel, aluminum, things such as that, or tariffs that may be imposed on pharmaceuticals because we want to bring the pharmaceutical businesses back to the United States," he said. TRUMP SAYS TARIFFS ARE INCENTIVIZING US INVESTMENT, HURTING CHINA China's President Xi Jinping and President Donald Trump are working on a final trade agreement. Getty Images China's President Xi Jinping and President Donald Trump are working on a final trade agreement. Getty Images © Getty Images Trump went on to characterize the trade negotiations as being "very friendly" and touted the relationship with China, saying a deal will help boost the country's economy. "The relationship is very good. We're not looking to hurt China; China is being hurt very badly. They were closing up factories, they were having a lot of unrest, and they were very happy to be able to do something with us," Trump said. MONOPOLY - Enjoy MONOPOLY Free - Play MONOPOLY Free Now Ad MONOPOLY - Enjoy MONOPOLY Free - Play MONOPOLY Free Now appcracy.com Learn more call to action icon The president also referenced China's failure to comply with the "phase one" trade deal he reached with the Chinese government during his first term in office. Treasury Secretary Scott Bessent said late last month in an appearance on FOX Business Network's "Kudlow" that the U.S. will "have to take into account that they didn't adhere to the phase one deal."