Trump won't make tariff deal with China until trade deficit is fixed: 'I want that solved'

On Sunday, President Donald Trump told reporters aboard Air Force One that he is not willing to make a deal with China unless the trade deficit of over $1 trillion is resolved first.

The president said, "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. 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 added that because of the tariffs, the US has over $7 trillion of committed investments for building automotive manufacturing plants, chip companies and other types of businesses, "at levels that we’ve never seen before."

The president said he spoke with many leaders in Asia and Europe who are "dying" to make a deal, but noted, "A deficit is a loss. We’re going to have surpluses, or we’re, at worst, going to be breaking even. But China would be the worst in the group because the deficit is so big, and it’s not sustainable. I was elected on this."

Trump told reporters that by next year, the tariffs will bring in an additional $1 trillion.

He said regarding the recent market sell-offs, "What's going to happen to the market? I can't tell you. But I can tell you our country has gotten a lot stronger, and eventually it'll be a country like no other. It'll be the most dominant country, economically, in the world, which is what it should be."

Trump posted on Truth Social Sunday night, adding to his previous remarks. "We have massive Financial Deficits with China, the European Union, and many others. The only way this problem can be cured is with TARIFFS, which are now bringing Tens of Billions of Dollars into the USA. They are already in effect, and a beautiful thing to behold. The Surplus with these Countries has grown during the 'Presidency' of Sleepy Joe Biden. We are going to reverse it, and reverse it QUICKLY. Some day people will realize that Tariffs, for the United States of America, are a very beautiful thing!"

Last week, Trump implemented a 10 percent baseline tariff on all goods imported into the US. Some countries were hit with higher tariffs, such as China, which was hit with a 20 percent tariff earlier this year. China was slapped with a 34 percent reciprocal tariff in addition to the 10 percent baseline.