President Donald Trump said Sunday that he is not willing to make a deal with China unless the trade deficit of over $1 trillion is resolved first.
Axar.az reports, citing Fox News, while speaking to reporters on Air Force One, Trump said with some countries there is a trade deficit of over a billion dollars, but with China, it is over $1 trillion.
"We have a $1 trillion trade deficit with China. Hundreds of billions of dollars a year we lose to China, and unless we solve that problem, I’m not going to make a deal," he said. "I’m willing to make a deal with China, but they have to solve this surplus. We have a tremendous deficit problem with China… I want that solved."
Trump implemented a 10% baseline tariff on all imported goods into the United States while some countries were slapped with higher tariffs.
He took an especially tough approach to China, which was already hit with a 20% tariff earlier this year. China will now face a 34% reciprocal tariff in addition to the 10% baseline imposed on all listed nations.
It is worth noting that in response to Trump's tariff policy, China's State Council announced that it would impose a 34% tariff on goods imported from the U.S.