China called up begging to make a deal, says Donald Trump, and trade talks will begin imminently.
Trump did not say when the next round of talks would be held but assessed that Beijing's enthusiasm is higher than it's ever been before.
'I have great respect for the fact that China called, and they want to make a deal,' he said Monday morning at the G7 summit for the world's most advanced economies. 'And I think we're going to have a deal. Because now we're dealing on proper terms.'
The president is in France and spoke overnight in the U.S. before American markets opened. Tension had escalated with China on Friday when Beijing slapped new tariffs on $75 billion worth of U.S.-manufactured goods.
Trump hit back with an increase of 5 percent on $250 billion of already-penalized Chinese goods, bringing the total amount up to 30 percent.
Chinese Vice Premier Liu He called for 'calm' negotiations Monday, even as Beijing allowed its currency, the yuan, to drop to the lowest level in more than a decade.
China called up begging to make a deal, says Donald Trump , and trade talks will begin imminently.
At a meeting with the Egyptian prime minister in Biarritz shortly after, Trump said, 'They mean business. It's why President Xi is a great leader. He understands.
'And he's able to do things other people aren't able to do,' he said of the dictator.
He said that China doesn't want to lose its supply chains, and now it's ready to negotiate to halt a skyrocketing trade war.
Trump had appeared to let off the gas on Sunday at the G7, admitting that he'd had 'second thoughts' in his trade war with China. The White House quickly reversed course, claiming that if anything, Trump wished he'd raised tariffs higher.
Aides also claimed he'd misheard a reporter's question, and Trump was totally confident in his approach.
At a tech conference