Won't allow trade deficit with China any more, says Donald Trump

US President Donald Trump on Monday said the US has been losing $500 billion per year on trade with China and he will no longer allow that to happen any more.

“The US has been losing, for many years, $600 to $800 billion a year on trade. With China, we lose $500 billion. Sorry, we’re not going to be doing that anymore!” Trump tweeted.

The tweet, a follow-up of a series of tweets a day earlier, is indicative of the fact that Trump does not want to wait any longer on trade negotiations with China and he is increasingly believing that Beijing deliberately wants to delay the trade talks.

Earlier, a Chinese official in Beijing said that China's top trade envoy is preparing to travel to Washington for crucial talks, despite Trump threatening to impose more punishing taxes on $200 billion worth of Chinese products, citing slow progress in negotiations.

“For 10 months, China has been paying tariffs to the US of 25 per cent on $50 billion of high tech, and 10 per cent on $200 billion of other goods,” Trump said in a series of tweets on Sunday.