US in a ‘fantastic position’ in a trade war with China: Trump

US President Donald Trump has claimed that the United States is in a "fantastic position" in a trade war with China.

"China buys MUCH less from us than we buy from them, by almost 500 Billion Dollars, so we are in a fantastic position," he wrote.

"Make your product at home in the USA and there is no Tariff. You can also buy from a non-Tariffed country instead of China. Many companies are leaving China so that they will be more competitive for USA buyers," Trump continued. "We are now a much bigger economy than China, and have substantially increased in size since the great 2016 Election. We are the 'piggy bank' that everyone wants to raid and take advantage of. NO MORE!"

Trump also accused the Chinese delegates of reversal on several key provisions of a trade deal that both China and the US have been working on for weeks.

"We can make a deal with China tomorrow, before their companies start leaving so as not to lose USA business, but the last time we were close they wanted to renegotiate the deal. No way!" Trump added.

"We are in a much better position now than any deal we could have made. Will be taking in Billions of Dollars, and moving jobs back to the USA where they belong. Other countries are already negotiating with us because they don’t want this to happen to them," he said. "They must be a part of USA action. This should have been done by our leaders many years ago. Enjoy!"

On Monday, Trump warned Chinese President Xi Jinping that his country would be "hurt very badly" if a deal to end the escalating trade war is not reached between the two countries.

"I say openly to President Xi & all of my many friends in China that China will be hurt very badly if you don’t make a deal because companies will be forced to leave China for other countries," Trump said.

"Too expensive to buy in China. You had a great deal, almost completed, & you backed out!” he said.

The Washington-Beijing trade dispute escalated on Friday, when the US increased tariffs on $200 billion worth of Chinese goods from 10 percent to 25 percent after Trump accused Beijing of “breaking the deal” by reneging on earlier commitments made during months of talks.

Trump also ordered US Trade Representative Robert Lighthizer to begin imposing tariffs on all remaining imports from China, a move that would affect about an additional $300 billion worth of goods.

Beijing has vowed to respond to the latest US tariffs, but has announced no details yet.

Speaking earlier on Monday, Chinese Foreign Ministry spokesman Geng Shuan said Beijing will never surrender to external pressure.

PressTV-China defies US warning, reprises with tariff hike

China has announced plans to impose tariffs on $60 billion worth of US goods as of June 1.

Shuang told reporters that the country’s leadership was well endowed to defend its nation against any pressure by foreigners.

“Raising tariffs will not solve any problems. China will never surrender to external pressure. We have the determination and the ability to safeguard our legitimate rights and interests,” the Chinese official said.

“Wait and see” what Beijing’s response will be, Geng told reporters, using a Trump catch phrase.

Trump has warned China against retaliation and defended the tariffs.

The tweets come days after Trump said that China was “beaten so badly” in recent months during which Washington and Beijing had held trade negotiations that now it wanted to wait until after the 2020 election, hoping for a Democrat to become the president.

He warned that a trade deal would be “much worse” for China if he was elected for the White House a second time.

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