President Donald Trump said on Sunday that he would not be trading with China unless the trade deficit of more than $1 trillion is resolved first.
While speaking to reporters in Air Force 1, Trump said some countries have a trade deficit of over $1 billion, but China is more than $1 trillion.
“We have a trade deficit of $1 trillion with China. We lose hundreds of billions of dollars in the year we lost to China. I’m not going to trade unless we solve that problem,” he said. “I want to do business with China, but they have to resolve this surplus. We have an incredible deficit problem with China… I want to solve it.”
Some countries targeted by Trump’s tariffs are calling for negotiations, and China says there is “no winner in the trade war.”
President Donald Trump said he would not enter into a contract with China unless the trade deficit is resolved. (AP Photo / Evan Vucci / istock)
Trump also said that due to tariffs, the US has a dedicated investment of $7 trillion “at a level that we have never seen before” when it comes to building auto manufacturing plants, chip companies and other types of companies.
But in terms of trade deficits, Trump said he spoke to many leaders in Europe and Asia.
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“A deficit is a loss,” he said. “We either have surplus or at worst we’ll break down. But China is the worst in the group because the deficit is so big and not sustainable.
“I’ve been elected for this,” Trump added.
Greg Wehner is a news reporter for Fox News Digital.
Story tips and ideas can be sent to greg.wehner @fox.com and Twitter @gregwehner.
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