Trump says US not willing to make deal with China unless trade deficit is solved

While speaking to reporters on Air Force One, Trump said with some countries there is a trade deficit of over a billion dollars, but with China, it is over $1 trillion.

Trump also said because of the tariffs, the U.S. has $7 trillion of committed investments when it comes to building automotive manufacturing plants, chip companies and other types of businesses, "at levels that we've never seen before."

But in terms of trade deficits, Trump said he has spoken with a lot of leaders in Europe and Asia, who are "dying" to make a deal, but as long as there are deficits, he is not going to do that.

"A deficit is a loss," he said. "We're going to have surpluses, or we're, at worst, going to be breaking even. But China would be the worst in the group because the deficit is so big, and it's not sustainable.

"I was elected on this," Trump added.

Trump spoke to reporters for about 16 minutes, and during that time reporters asked him numerous questions about the tariffs.

The president anticipates that by next year, the tariffs will bring in an additional $1 trillion. He also said companies will begin relocating to the U.S. in places like North Carolina, Detroit and Illinois.

"What's going to happen to the market? I can't tell you. But I can tell you our country has gotten a lot stronger, and eventually it'll be a country like no other," Trump said. "It'll be the most dominant country, economically, in the world, which is what it should be."

Trump also turned to Truth Social on Sunday night to weigh in on the tariffs.

"We have massive Financial Deficits with China, the European Union, and many others. The only way this problem can be cured is with TARIFFS, which are now bringing Tens of Billions of Dollars into the U.S.A.," the president wrote. "They are already in effect, and a beautiful thing to behold. The Surplus with these Countries has grown during the 'Presidency' of Sleepy Joe Biden. We are going to reverse it, and reverse it QUICKLY. Some day people will realize that Tariffs, for the United States of America, are a very beautiful thing!"

Fox News Digital's Rachel Wolf contributed to this report.