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Trump says China trade deficit should've been fixed "years ago"

Jamie Dimon on 2020 & more
Jamie Dimon on 2020 & more 08:45

President Donald Trump said a delegation to China will fix what he believes should have been addressed "years ago."

"Delegation heading to China to begin talks on the Massive Trade Deficit that has been created with our Country," he wrote in a tweet on Tuesday morning. "Very much like North Korea, this should have been fixed years ago, not now."

He added, "Same with other countries and NAFTA...but it will all get done."

The delegation -- which includes Treasury Secretary Steven Mnuchin -- will travel to China as the Trump administration inches closer to imposing a round of tariffs on $50 billion in imports from China. Some economists view the threat of tariffs as a bargaining tool to compel China to make concessions in trade discussions.

But, said Eurasia Group analysts in a research note published last month, the talks could be "just a way for Beijing to stall -- the same trap that Trump believes past US administrations fell for."

"The imposition of tariffs by each side will likely unlock the conditions for serious negotiations to begin," the analysts noted. "Both sides will have demonstrated their resolve, and the political and economic costs of further escalation will motivate the two leaders to become more personally involved in reaching a deal."

Chinese officials are likely to propose terms such as agreeing to buy more U.S. products to reduce the trade deficit and to cut a 25 percent tariff on foreign vehicles, according to The Wall Street Journal

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