Trump: 'We are in a fantastic position' in trade war with China

President TrumpDonald John TrumpTrumps light 97th annual National Christmas Tree Trump to hold campaign rally in Michigan 'Don't mess with Mama': Pelosi's daughter tweets support following press conference comments MORE in an early morning series of tweets on Tuesday said the U.S. is in a "fantastic position" in a trade war with China.

"China buys MUCH less from us than we buy from them, by almost 500 Billion Dollars, so we are in a fantastic position," he wrote.

"Make your product at home in the USA and there is no Tariff. You can also buy from a non-Tariffed country instead of China. Many companies are leaving China so that they will be more competitive for USA buyers," Trump continued. "We are now a much bigger economy than China, and have substantially increased in size since the great 2016 Election. We are the 'piggy bank' that everyone wants to raid and take advantage of. NO MORE!"

In other posts, the president pointed to reports of Chinese delegates' reversal on several key provisions of a trade deal that both sides have been working on for weeks, a move that reportedly ended negotiations for the time being between the two sides, as a reason for the U.S.'s latest trade action against China.

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"We can make a deal with China tomorrow, before their companies start leaving so as not to lose USA business, but the last time we were close they wanted to renegotiate the deal. No way!" Trump added.

"We are in a much better position now than any deal we could have made. Will be taking in Billions of Dollars, and moving jobs back to the USA where they belong. Other countries are already negotiating with us because they don’t want this to happen to them," he said. "They must be a part of USA action. This should have been done by our leaders many years ago. Enjoy!"

Negotiations with China appear to have stalled following months of discussion in Washington and Beijing over issues such as intellectual property theft and other trade practices the U.S. has accused China's government of employing.

The Trump administration announced it would hike tariffs on $200 billion in Chinese products last Friday. China is expected to retaliate by imposing higher tariffs on U.S. products sent to China.

On Monday, the president told reporters in the Oval Office that he would have to meet with Chinese President Xi Jinping to resolve the dispute.

"We had a deal with China, it was 95 percent there and then my representatives ... they went to China and they were told the things that were fully agreed to, we're not going to get anymore. That's not acceptable," Trump told reporters in the Oval Office on Monday. "I said, that's good, that's fine, put on the tariffs."

"I love the position we're in," he continued, adding that he expected a "very fruitful" meeting with Xi at the upcoming Group of 20 summit.