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US President Donald Trump and Chinese President Xi Jinping at the G20 Summit in Hamburg, Germany, July 8, 2017.
Trump said the damages could be high, without elaborating on how the numbers were reached or how the costs would be imposed.
“We’re talking about big damages. We’re talking about numbers that you haven’t even thought about,” Trump said.
U.S. businesses say they lose hundreds of billions of dollars in technology and millions of jobs to Chinese firms which have stolen ideas and software or forced them to turn over intellectual property as part of the price of doing business in China.
The president said he wanted the United States to have a good relationship with China, but Beijing needed to treat the United States fairly.
Trump said he would be announcing some kind of action against China over trade and said he would discuss the issue during his State of the Union address on Jan. 30.
Asked about the potential for a trade war depending on potential U.S. action over steel, aluminum and solar panels, Trump said he hoped a trade war would not ensue.
“I don’t think so, I hope not. But if there is, there is,” he said.
The president also said he and Chinese President Xi Jinping had not discussed China’s plans with regard to purchases of U.S. Treasury bonds.
Bloomberg reported earlier this month that Chinese officials reviewing the country’s foreign exchange holdings had recommended slowing or halting purchases of U.S. Treasury bonds.
Trump said he was not concerned such a move would hurt the U.S. economy.
“We never talked about it. They have to do what they do,” he said.
This story is developing. Please check back for updates.
