Trump announces condition on making deal with China

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 US 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.

Trump spoke to reporters for about 16 minutes, and during that time reporters asked him numerous questions about the tariffs.

The president anticipates that by next year, the tariffs will bring in an additional $1 trillion. He also said companies will begin relocating to the U.S. in places like North Carolina, Detroit and Illinois.

"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," Trump said. "It'll be the most dominant country, economically, in the world, which is what it should be."

Trump also turned to Truth Social on Sunday night to weigh in on the tariffs.

"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," the president wrote. "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!"

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.