CNN MONEY: Trump’s quick wins on China trade won’t wipe out the deficit

Start the clock: the U.S. and China have given themselves 100 days to make progress on the thorny issue of trade.

President Trump toned down his rhetoric when he met his Chinese counterpart, Xi Jinping, late last week. This was not the start of a trade war some had feared. There was no repeat of claims that China was stealing U.S. jobs by manipulating its currency. There was also no grand bargain between the leaders of the world’s two biggest economies. Instead, they agreed to a “100-day plan” for talks, according to U.S. Commerce Secretary Wilbur Ross. What they hope to achieve is unclear. Ross admitted that it was “a very, very short time” for trade talks. Analysts say China could make small concessions, but they won’t have much impact on America’s $310 billion trade deficit.