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.
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 also said because of the tariffs, the U.S. has $7 trillion of committed investments when it comes to building automotive manufacturing plants, chip companies and other types of businesses, ‘at levels that we’ve never seen before.’
But in terms of trade deficits, Trump said he has spoken with a lot of leaders in Europe and Asia, who are ‘dying’ to make a deal, but as long as there are deficits, he is not going to do that.
‘A deficit is a loss,’ he said. ‘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 added.
