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President Trump: More tariffs if 'great deal' not reached with China

The Trump administration could implement another major round of tariffs against China if trade negotiations with the country aren't successful, the president said Monday night.

President Trump told Fox News' Laura Ingraham that another round of trade measures equaling $264 billion in value was "ready to go" if Chinese authorities do not bend to U.S. demands for significant changes to China's trade policies.

“I think that we will make a great deal with China, and it has to be great, because they’ve drained our country,” Trump told Ingraham.

"[But] I have $267 billion waiting to go if we can’t make a deal,” he added.

In the interview, the president expressed optimism that a deal would be reached with China in the near future, ending months of back-and-forth tariffs from the two nations.

Trade talks with China fell apart in September after the president instituted tariffs on more than $200 billion worth of Chinese goods, with Chinese officials condemning the Trump administration for attempting to pressure China with economic action.

China has responded with duties on more than $100 billion of U.S. goods.

“Nothing the U.S. has done has given any impression of sincerity and goodwill," China's foreign minister said last month.  “We hope that the U.S. side will take measures to correct its mistakes.”

The world's two largest economies have not found much common ground since and the president promised that "a lot of money" would be "coming in" to the U.S. as a result of the moves.

"It will be a lot of money coming into the coffers of the United States of America," he said at the time. "A lot of money coming in."

Last week the Trump administration announced that it would not participate in a planned Chinese investment fair amid the trade dispute, while again issuing a statement urging Chinese officials back to the table.

“We encourage China to level the playing field for U.S. goods and services," an unnamed U.S. embassy official told The Associated Press. “China needs to make the necessary reforms to end its unfair practices that are harming the world economy.”

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