Cannot allow trade deficit with China to continue: President Donald Trump

President Donald Trump has said US' massive tre deficit with China cant be allowed to continue, a day after officials from both countries concluded ir latest round of negotiations on tre issues.

US and China have been locked in an escalating tre spat since early 2018, raising import tariffs on each or's goods.

Last year, Trump imposed tariff hikes of up to 25 per cent on USD 250 billion of Chinese goods. move prompted China to increase tariffs on USD 110 billion of American goods.

Trump, who has been accusing China of indulging in unfair tre practices contributing to huge tre deficit amounting to USD 375 billion, recently said tre talks with Beijing were going on "very well".

Trump met a high-powered Chinese delegation led by its Vice Premier Liu Hu in his Oval Office on Thursday during which he said that two countries h me significant progress, but thing is final till he personally seals deal with Chinese President Xi Jinping.

"If we make deal with China, you're talking about, it'll be a different world for us. We lost USD 500 billion a year with China, for many years. We're t going to do that anymore," Trump told reporters at White House on February 1.

After his meeting with Xi in Argentina on December 1, two countries agreed to pause ir tre war for 90 days and arrive at a tre deal by March 1. Trump on Friday threatened to go ahe with his planned slapping of ditional tariffs on Chinese imports if deal is t reached by March 1.

"Our relationship with China is extraordinary. My relationship with President Xi is better, I guarantee, than any relationship of a President and a President. It's t even close. But it can't go on this way. We can't allow this to happen," he said.

Trump is excepted to brief nation in his State of Union dress on February 5. At same time, president praised China for its decision to import ditional agricultural products.

"China, as a sign of goodwill, has agreed to purchase a tremendous, massive amount of soybeans and or agricultural product. Our farmers, this morning, are very happy. I spoke to Sonny Perdue, Secretary of Agriculture. He called me this morning. Our farmers are extremely happy," he said.

China is having a tough time on its ecomy, Trump said.

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Trump said re was a possibility of him meeting president Xi around his summit with rth Korea leer Kim Jong-un later this month. venue of meeting has t been anunced yet.

"That'll be anunced officially probably next week," he said.

Meanwhile, Senate Finance Committee Ranking Member Ron Wyden, Senate Democratic Leer Chuck Schumer and Banking Committee Ranking Member Sherrod Brown sent a letter Friday urging Secretary Mnuchin to stay aggressive in his approach in ongoing negations with China.

"We urge you to support a tough approach that demands meaningful, enforceable, verifiable and enduring concessions that dress underlying challenges identified by section 301 investigation led by office of United States Tre Representative (USTR)," senators wrote.

"American jobs, American invation and long-term American ecomic influence and prosperity are at stake," y said.

letter follows recent reports that Mnuchin may be encouraging Trump to back down in order to conclude tre negotiations with China next month.

letter sheds light on how China's predatory tre practices, which include forced techlogy transfers, espion resulting in ft and extortion of US intellectual property, flooding American market with cheap dumped goods, and preventing US companies from competing freely in ir market, t only threaten American jobs, but pose a significant threat to American invation and long-term American ecomic influence and prosperity.

In ir letter, Wyden, Schumer and Brown te that should China fail to make permanent structural reforms necessary to remedy se very significant issues, any tre agreement that merely dresses tre balance with China will be an abject failure.

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