President Trump called tariffs a "beautiful thing" and credited his use of them with forcing Mexico to reach a deal with the United States on immigration and predicted the duties will also pressure China to give in on trade.
U.S. President Donald Trump has repeatedly said he is getting ready to meet Chinese President Xi Jinping at the Osaka summit at the end of June, but China has not confirmed it.
Trump's reversal on a threat to impose new tariffs on Mexico over migration from Central America lifted the mood at the G-20 finance ministers' meeting in Fukuoka, Japan, over the weekend. You know why? Because of tariffs.
Trump has made tariffs a pillar of his foreign policy, arguing that USA economic power puts him in a win-win situation when he threatens rivals like China and even close allies, such as Canada, the European Union and Mexico. "I think he'll go, and I have a great relationship with him, he's actually an incredible guy, he's a great man, he's very strong, very smart, but he's for China and I'm for the United States".More news: 'Crazy Mohan': Indian actor and screenwriter dies at 67
"Our Fed is very very destructive to us", Trump said.
China's foreign ministry said on Monday that China is open for more trade talks with Washington but has nothing to announce about a possible meeting. "They haven't listened to me".
"They devalue their currency, they have for years: It's put them at a tremendous competitive advantage". It's unclear how effective the deal will prove to be, as much will depend on how it is enforced, but Trump defended it vigorously during the CNBC interview.
President Donald Trump said Monday the USA central bank has been "very, very destructive" to the economy by raising interest rates too quickly.More news: Cyberpunk 2077 is out next April - and it has Keanu Reeves
The Trump administration has largely sought to shield major consumer products like electronics and other goods from the tariffs but that will change if Trump follows through on his threat to penalize an additional $300 billion in goods, something he said would happen if Xi doesn't cut a deal with him soon.
Trump has already imposed 25 percent duties on $200 billion of Chinese imports.
"Had a Democrat gotten in., China would have caught us", he said.
Last year, Chinese officials agreed to negotiate changes to the economic relationship with the USA, but White House officials said several weeks ago that Chinese officials had begun backtracking, leading Trump to ratchet up pressure and tariffs. "They couldn't even believe how stupid we were".More news: The human cost of Mexico-US migration agreement
US and Chinese flags are seen in front of a USA dollar banknote featuring American founding father Benjamin Franklin and a China's yuan banknote featuring late Chinese chairman Mao Zedong in this illustration picture taken May 20, 2019.