President Trump defended his dealings with the chaotic trade war with China at a press conference on the sidelines of the G7 summit and urged him to resign.
The President stood firm when asked about the impact of his strategy with China on international markets.
CHINA ANNOUNCES THE END OF WAR WHEN MARKET TANK AND CURRENCY CONDITIONS HIT 11 YEARS
] "I'm sorry – that's what I'm negotiating," Trump said, while agreeing that this approach would produce results ,
Just hours before his press conference, it seemed that talks between the US and China could resume as the country signaled it was aiming for a "quiet" end to the trade war, when Asian markets collapsed and China's currency collapsed. Year low reached. According to the Wall Street Journal, Chinese officials expressed interest in "returning to the table" in trade negotiations, which Trump described as "a very positive development."
"China wants to make a deal," said Trump. "And that's what I'm telling President Xi [Jinping] that I really respect … I said very strongly, 'Look, you're making $ 500 billion a year and stealing our intellectual property … we can not make a 50 -50 deal. "
He added," If it's not better, I do not want to do business. "
The President's comments come amid rapid developments in the US-China trade war, and after threatening to abandon China, the President threatened to declare a national emergency and freeze these relationships over the weekend, as China retaliated imposed US $ 75 billion worth of US goods and announced that the Trump government was raising US $ 550 billion in tariffs on Chinese goods.
Trump signaled on Monday that things were going down the roller coaster ride for the markets
"We need to at least partially balance our trade relations, and they were unwilling to do so," Trump said Monday. "We'll never have a deal if that happens … But they'll do it China wants to make a deal and if we can, we'll make a deal."
Trump also responded to critics calling on him retreat into negotiations.
"I have people who say just make a deal, make a deal," Trump said. "They do not have the guts, and they do not have the wisdom to know that you can not continue where a country takes away $ 500 billion every year ̵
He went on to crack past administrations dating back decades: "Someone had to do this. President Obama should have done that, and Biden – Sleepy Joe – should have done Bush, Clinton, Double Bush, should have. I do it.
During a joint press conference with French President Emmanuel Macron on Monday in Biarritz, France, Trump was asked by Fox News & # 39; John Roberts if he felt that Beijing was negotiating a deal in his bid to Real is agreement.
"I do," said Trump. "I think they want to make a deal very bad, I think that was raised very late in the night … The deputy chairman of China stated that he wants to see a deal and that it should be made calm. I agree with him. "
" I think they want to make a deal, "Trump said.
WHITE HOUSE: TRUMPS 'SECOND THOUGHTS & # 39; ABOUT THE CHINA TRADE WAR "GREATLY MISINTERPRETED & # 39;  "I'm not sure they have a choice, I do not say that as a threat," Trump said Monday. "In the meantime, the United States, which has never collected 10 cents from China, will have tariffs in excess of $ 100 billion in a short time, and I think they want to make a very bad deal."
The yuan fell to 7.1487 on Monday after the Treasury officially named China a currency manipulator. The Ministry of Finance announced it would work with the International Monetary Fund to try to eliminate the "unfair competitive advantage created by China's recent measures" by international buyers. However, Governor of the People's Bank of China, Yi Gang, has insisted that China "not engage in a devaluation of competition".
At the weekend, Finance Minister Steven Mnuchin told reporters, "If China agreed to a fair and balanced relationship, we would sign this agreement in a second. "
The trade war has not only hit the Chinese and Asian markets – the US Markets have also plummeted, with the Dow Jones Industrial Average losing more than 600 points on Friday after the recent escalation between the US and China. The largest decline brought the S & P 500 into the weekly loss for the fourth consecutive time.
The Dow crash occurred after Trump tweeted that he had "ordered" US companies with branches in China to consider relocating to other countries, including the United States.
After the market closed on Friday, Trump promised to raise existing US $ 250 billion in Chinese customs duties from 25% to 30%, and new duties on imports worth US $ 300 billion would be 15 percent instead of 10 percent as promised When the government announced for the first time the US controversial attempt to raise tariffs on Chinese goods, after the trade talks between Washington and Beijing failed to reach agreement.
Gregg Re, Ronn Blitzer and The Associated of Fox News The press has contributed to this report.