Earlier in the day, China announced an increase in tariffs on a range of US imports, including frozen vegetables and liquefied natural gas. The US government last week decided to raise $200 billion in tariffs on Chinese imports.
Trump has warned China not to take retaliatory measures.
Trump said he will meet with Xi Jinping at the G20 summit in Japan at the end of June.
"We are dealing with them. Our relationship is very good," Trump said. "Maybe what will happen. We will meet during the G20 summit in Japan. I think this may be a fruitful meeting."
Trump added that he has not yet decided whether to impose tariffs on another $325 billion worth of Chinese imports. Trump has made protectionism part of its "US priority" policy.
China announced plans to impose a 5% to 25% import tariff on 5,140 US products on the revised $60 billion target list. The announcement said that the tariff will take effect on June 1.
The announcement pointed out that "China's adjustment and tariff increase measures are a response to US unilateralism and trade protectionism. China hopes that the US will return to the correct track of bilateral economic and trade consultations and work together with China to achieve mutual respect. On the basis of a mutually beneficial and win-win agreement."
The United States and China are plunging into an unscrupulous dispute that could undermine the global economy. This prospect is unsettling for investors and has caused a stock market crash in the past week.
Global stock markets fell again on Monday, with Wall Street's main stock indexes falling more than 2.0%. The renminbi exchange rate fell to its lowest level since December last year, and crude oil futures prices plummeted.
“Obviously, the market is very nervous about the US-China trade consultation, and it is worried that the consultation situation is seriously deteriorating, which affects all areas of the market,” said Kristina Hooper, chief global market strategist at Invesco.
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