News reports today say China is willing to buy at least $20 billion of agricultural products in a year, and possibly twice as much or more in the future.

President Donald Trump talked about China buying agricultural products during a cabinet meeting on Monday.

“If we could get $20 billion a year from China — that China purchases $20 billion a year of agricultural product — that would be a great thing,” said President Trump. “And I said, ‘I want more.’ They said, “The farmers can’t handle it.” I said, ‘Tell them to buy larger tractors.'”

President Trump said he told negotiators he wanted $60-70 billion. “And we agreed to $40 [billion] to $50 billion.”

The president hopes to have this “phase one” of the deal ready to sign when he meets with Chinese President Xi Jinping in Chile next month.

Audio: Trump Cabinet meeting China remarks (2:29)