Trump says there will be no tariff agreements with China until the trade deficit is resolved

President Donald Trump told reporters Sunday that there will be no tariff deal with China until the "trillion-dollar" trade deficit is resolved.

"We have a $1 trillion trade deficit with China. Hundreds of billions of dollars a year we lose to China, and unless we solve that problem, I’m not going to make a deal," he said while taking questions aboard Air Force One. "I’m willing to make a deal with China, but they have to solve this surplus. We have a tremendous deficit problem with China… I want that solved."

Trump's words on China came after the president claimed he has held productive talks with other countries to reach tariff deals.

In fact, Trump claimed that several leaders in Europe and Asia are "desperate" to reach agreements with Washington.

The president also defended his tariff policy, which is being widely questioned by economic experts, claiming that, thanks to tariffs, the United States has $7 trillion in committed investments, citing buildings of automotive manufacturing plants, semiconductor companies and other types of industries that will bring their operations to the country.

While Trump defends his tariff policy, stock markets continue to respond negatively to what experts are calling the largest tax increase in the country's history, as multiple exported products are likely to become more expensive due to the new fixed tariffs imposed on 180 countries and territories.