Trump: Tariffs hitting China 'very hard,' Beijing needs to make a deal

President Trump says China is going to have to come to the bargaining table and make a trade-war deal.

Speaking at a press conference following the conclusion of the G-7 meetings in Biarritz, France, Trump said the Chinese economy has already lost 3 million jobs and that many more job losses are on the way.

“The tariffs have hit them very hard in a fairly short period of time,” Trump said, adding that China is "not going to be able to compete."

Earlier Monday, Trump said that Beijing had reached out indicating it wanted to return to the negotiating table.

China’s Foreign Ministry denied that any such calls took place, as did Hu Xijin, the editor-in-chief of the state-run Global Times.

“Based on what I know, Chinese and US top negotiators didn't hold phone talks in recent days,” he tweeted Monday.

Both the U.S. and China on Friday escalated the more than year-long trade war between the world’s two largest economic powers. Beijing announced it would slap tariffs on $75 billion worth of U.S. goods and reinstated taxes on others. That prompted Trump to respond by raising existing tariffs on Chinese goods.

Still, Trump says the U.S. is making winning the trade war.

“The United States, who has never collected $0.10 from china, will in a fairly short period of time be over $100 billion in tariffs,” Trump concluded.

That escalation caused the Dow Jones Industrial Average to plunge by more than 600 points on Friday, but the thawing of tensions has helped the major averages gain back some of that lost ground on Monday.