President Donald Trump and China's President Xi Jinping shake hands at a press conference following their meeting outside the Great Hall of the People in Beijing last November.
Artyorn Ivanov | TASS | Getty Images
President Donald Trump on Saturday called for China to act now on trade or risk facing a worse deal if negotiations continue into a possible second term after the 2020 presidential election.
Trump claimed China was 'beaten so badly' in recent trade negotiations that Beijing wanted to wait until after the 2020 election in the hope a Democrat would win the White House and offer them a better deal.
Trump, however, said he would prevail in the upcoming election and warned that a trade deal would be 'much worse' for China if it was negotiated during his second term.
Chinese and U.S. negotiators held trade talks in Washington Friday after Trump more than doubled tariffs on $200 billion of Chinese goods, raising the rate from 10% to 25%. The administration is also moving to impose 25% tariffs on an additional $300 billion of Chinese goods.
Trump said Friday's talks were constructive and negotiations will continue. The tariffs may or may not be removed depending on how the negotiations progress, the president said.
Treasury Secretary Steve Mnunchin told CNBC no further trade talks are planned between the two sides "as of now." Chinese state media has reported that the next round of talks is expected to take place in Beijing.
via IFTTT
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