Trump "I will meet Xi Jinping in Korea and negotiate well…tariffs are national wealth"

U.S. President Donald Trump, regarding U.S.-China trade talks, said, "I will meet Chinese President Xi Jinping in Korea and talk about many things," and repeatedly said, "I think we will do well in the negotiations."

At a luncheon event he presided over at the White House Rose Garden club on the 21st (local time), President Trump said this and added, "We also did well with Japan, Korea and Europe (in negotiations)," and said, "We could not have reached those agreements without tariffs."

President Trump has warned of an additional 100% tariff on Chinese-made products from November 1 in response to China's export controls on rare earths. If the additional tariffs materialize, the tariffs China would have to pay the U.S. would rise to 157%.

The remark was interpreted as expressing confidence that China would be motivated to engage actively in negotiations with the United States, if only to avoid the burden of high tariffs.

President Trump said, "I maintain a good relationship with Chairman Xi," and "I expect that we can reach a fair agreement with him."

He continued, "It is possible that the meeting may not take place. Someone may say, 'I don't want to meet. (The situation is) too nasty,'" but added, "That's not nasty, it's just business," and said, "I will negotiate well on behalf of the entire American people."

He said, "Tariffs are national security and national wealth," adding, "We have obtained hundreds of billions of dollars through tariffs. That money came from countries that used to take it from us."

With the Supreme Court set to hear whether the Trump administration's imposition of tariffs is lawful, President Trump emphasized, "In light of the legal basis, we should win, and given the reasons I've stated so far, we must win."

Shin Hyun-bo, Hankyung.com reporter greaterfool@hankyung.com