The US tariffs hit Chinese economy 'very badly', says Donald Trump

massive tariffs imposed by America on import of products from China has bly hit ecomy of Asian nation, President Donald Trump said on Sunday, February 3, with clock ticking on a March 1 US-set deline for Beijing to dress tre concerns and avert an escalation in tariff war between world's two largest ecomies.

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 percent on $ 250 billion of Chinese goods.

move prompted China to increase tariffs on $ 110 billion of American goods. During a meeting in Argentina on sidelines of G-20 Summit, Trump and Xi agreed to halt any furr tariff increases for 90 days beginning January 1.

RE: Cant Allow Tre Deficit With China To Continue: President Donald Trump

"We have put massive tariffs on China...it is hurting China's ecomy very bly. I want m to make a fair deal," Trump told CBS News.

If resolution is reached by March 1 deline, tariffs on $ 200 billion of Chinese goods are set to increase from 10 percent to 25 percent, a prospect that has rattled global market because of inevitable ecomic dam. China has offered to hike its US goods purchases to reduce bilateral tre deficit and also offered to discuss regulatory changes to improve market access for international investors.

However, it has been reluctant to reduce its chances of competing with America on invation and vanced techlogies and doubts remain about its willingness to cede much ground. Trump said he is hopeful of making a deal with China.

RE: 'Tremendous' Progress In US-China Tre Talks: President Donald Trump

"It looks like we are doing very well with making a deal with China... two leers of this country and China have ever been closer than I am with (Chinese) President Xi (Jinping). We have a good chance to make a deal...it's going to be a real deal...t going to be a stopgap (arrangement)," he said.