As U.S.-China trade tensions flared again amid China's tighter export controls on rare earths, U.S. President Donald Trump signaled he would meet Chinese President Xi Jinping in Korea to sign a fantastic trade deal.
On the 20th (local time), before talks with Australian Prime Minister Anthony Albanese at the White House, President Trump told reporters, "China is paying a 55% tariff, and if we cannot reach a deal, it will temporarily become 155% starting Nov. 1," adding, "We are scheduled to meet in Korea in a few weeks, and we will discuss what we can do."
Trump said, "We have a very good relationship with China, but like every other country, they try to take advantage," noting that he had concluded fair trade deals with the European Union (EU), Japan, and Korea.
Trump said, "The European Union (EU) also took advantage (of the United States), but not anymore," adding, "We also reached a very fair trade deal with Japan, and Korea, where I will meet President Xi, also struck a fair deal."
He went on, "We probably expect to conclude a very fair deal with President Xi of China," emphasizing, "It will be very interesting, and I think we can produce results that will benefit both countries."
Answering another question, he said, "I am trying to do right by China, and I like my relationship with President Xi. We have a good relationship," adding, "We will go to Korea together, and I think that place is a very good venue for us to meet."
He added, "When we finish our talks, there will be 'a big deal.' When we finish our talks in Korea, China and I will conclude a very fair and great trade agreement."
In particular, noting that China wants to resume purchases of U.S. soybeans that it halted after the tariff dispute, he said, "We will make a fantastic agreement with China. It will be fantastic not only for both countries but for the whole world."
Regarding concerns about a Chinese invasion of Taiwan, asked whether AUKUS, a military consultation group among the United States, the United Kingdom, and Australia, could serve as a deterrent, he answered, "I think so, but it won't be necessary. We will be fine with China, and China doesn't want that."
He added, "By the time we leave Korea, though it could go wrong, I think we will wrap up with a very strong trade deal. Both countries will be happy."