President Donald Trump and China's President Xi Jinping shake hands at a press conference following their meeting in Beijing's Grand Hall of Fame last November.
Artyorn Ivanov | TASS | Getty Images
President Donald Trump called on China to react to trade on Saturday, or worse business is threatening as negotiations move to a potential second term after the 2020 presidential election.
Trump claimed that China was "so badly beaten" in recent trade negotiations that Beijing wanted to wait until after the 2020 election, hoping that a Democrat would win the White House and offer them a better deal.
Trump, however, said he would prevail in the upcoming elections and warned that a trade agreement for China would be "much worse" if negotiated during his second term.
Chinese and US negotiators held trade talks in Washington on Friday after Trump more than doubled tariffs on Chinese goods worth $ 200 billion, increasing the rate from 1
Trump said the talks on Friday had been constructive and negotiations would continue as long as the tariffs persisted, even though they might be reversed as the situation develops.
Finance Minister Steve Mnunchin told CNBC that "immediately" no further trade talks are planned between the two sides. Chinese state media have reported that the next round of negotiations will take place in Beijing.
Trump abruptly announced the tariff increase last Sunday, destroying the hope that a trade agreement would be near and would upset US markets for much of the week. The president cited slow progress as the reason for his decision.
Chinese negotiators reportedly undid important aspects of the trade agreement and lifted obligations to amend national laws to address US concerns about theft of intellectual property and enforced technology transfer among a number of other issues.