Video: 'Time is running out' - Trump says China is committed to 'denuclearised' North Korea

President Donald Trump has said the US and China agree that a "freeze-for-freeze" agreement with North Korea is not acceptable, in an address today from the White House about his 12-day Asia trip.

Trump was referring to a proposal, backed by both China and Russia, whereby the North would freeze its nuclear program in exchange for the US and South Korea stopping military drills.

Trump said today that Chinese President Xi Jinping recognises that a nuclear North Korea is a "grave threat".

He says, "We agreed that we would not accept a so-called freeze-for-freeze agreement like those that have consistently failed in the past".

China has not made a public disavowal of its past proposal.

Trump says the goal is to "denuclearise" North Korea.

He says time is running out and the US has made clear "all options remain on the table".

Eliminate sizeable trade deficits

President Donald Trump has said he'll work "as fast as possible" to eliminate sizable trade deficits with US trading partners,

Trump said today that a key goal of his just-concluded Asia trip was to insist on fair and reciprocal trade.

He says it's "unacceptable" that the US trade deficit with other nations stands at about $800 billion a year.

Trump says, "We are going to start whittling that down as fast as possible." He did not say how he planned to achieve that goal.

Trump is recapping what he says are the successes of his nearly two-week trip to Japan, South Korea, China, Vietnam and the Philippines.

President Donald Trump says his trip to Asia showed that America's "standing in the world has never been stronger".

Trump is called the trip "historic" and says the United States was treated with "incredible warmth, hospitality and most importantly respect."