US President Donald Trump has said he thinks his administration can strike "a great deal" with China on trade, but warned of imposing new tariffs on Chinese products if the agreement could not be reached.

The US levied tariffs of 10 per cent on USD 200 billion of Chinese products in September, with the rate set to increase to 25 per cent by the end of the year barring a breakthrough in the trade talks. In response, Beijing said it would impose taxes on 5,207 US imports worth about USD 60 billion.

The two nations had already imposed tariffs on USD 50 billion of each other's goods before the September sanctions.

"And I have USD 267 billion waiting to go if we can't make a deal," Trump said.

He said China had been really hurting the US economically.

"I can make a deal right now (with China). I just say they (the Chinse) are not ready," he said.

"And it has to be great because they've drained our country. We have really helped rebuild China. They've been taken out an average of USD500 billion a year for many years. Not going to happen anymore," Trump asserted.

The White House has said that Trump is scheduled to meet his Chinese counterpart Xi Jinping on the sidelines of the G-20 Summit in Argentina on November 30 and December 1.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)