Trump expects 'great deal' with China, but more tariffs in absence of it

US has already imposed tariffs on $250 bn worth of Chinese goods, and China has responded with retaliatory duties on $110 bn worth of US goods

US President Donald Trump said he thinks there will be "a great deal" with China on trade, but warned that he has billions of dollars worth of new tariffs ready to go if a deal isn't possible.

"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 FOX News Channel's "The Ingraham Angle" on Monday.

Trump said in the interview he would like to make a deal now, but that China was not ready. He did not elaborate.

Bloomberg News reported on Monday that Washington was