President Donald Trump: No Deal with China Until Trade Deficit is Solved
Washington: U.S. President Donald Trump has stated that he will not make any trade deals with China until the United States resolves its $1 trillion trade deficit with the country.
Speaking to reporters aboard Air Force One on Sunday, Trump said, “Our trade deficit with China is $1 trillion. We are losing hundreds of billions of dollars to China every year, and until we solve this problem, I will not make any deals.”
He continued, “I’m willing to make a deal with China, but they have to solve this huge deficit. We have a massive deficit problem with China... I want it to be solved.”
Trump noted that because of tariffs, the U.S. is now receiving a promised $7 trillion in investments, which has never been seen before. This includes investments in independent car manufacturing plants, chip companies, and other business activities.
He stated, “I’ve had talks with many leaders from Europe and Asia who want to make deals, but as long as the trade deficit remains, I won’t do it.” He also added, “The deficit is a loss. We need to make a profit, or at least stay on equal footing. But China’s deficit is so huge that it’s unsustainable. I was elected for this reason.”
Trump mentioned that he expects the tariffs to bring an additional $1 trillion into the U.S. by next year. He also said, “Companies will return to the U.S., especially to places like North Carolina, Detroit, and Illinois.”
On Monday night, Trump wrote on his social media platform Truth Social, “We have huge financial deficits with China, the European Union, and many other countries. The only way to solve this problem is tariffs, which are now flowing huge amounts of money into the U.S.”
He added, “It’s already working, and it’s a beautiful sight.”
During his administration, Trump imposed a 10% tariff, with some countries facing even higher tariffs. Specifically, China was subjected to a 20% tariff this year, and now an additional 34% reflective tariff will be imposed on top of the 10%.
