U.S. President Donald Trump claims the United States and China are on the brink of a "significant phase-one" trade deal, but more or less in the same breath, he renewed his threat of more tariffs.
Speaking at the Economic Club of New York on Tuesday, Trump warned Beijing that, if they don't make a deal, the U.S. is going to "substantially raise tariffs" on Chinese goods.
He said he'll only accept a deal that benefits American workers and companies.
President Trump and his Chinese counterpart Xi Jinping were supposed to sign their agreement during the APEC summit in Chile this month.
But with that summit canceled, it remains unclear when and where they'll meet.