Washington (CNN) President Donald Trump announced Monday that he'll meet face-to-face with Chinese President Xi Jinping at the G20 summit late next month amid the latest escalation in trade tensions between the two countries.

Trump predicted that his meeting with Xi will likely be "very fruitful" and said he believes China wants to reach a deal, even as he vented about China reneging earlier this month on key portions of the deal being negotiated between the two economic powers.

"We had a deal with China, it was 95% there and then my representatives...they went to China and they were told that things that were fully agreed to, we're not going to get anymore. That's not acceptable," Trump told reporters in the Oval Office on Monday. "I said, that's good, that's fine, put on the tariffs."

"I love the position we're in," Trump said.

Earlier Monday, China announced tariffs on $60 billion in US exports in retaliation for Trump's moves last week to hike existing tariffs imposed last year on Chinese goods -- and to start the process of adding duties to almost everything else China sends to the US.

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