He pointed out that he had come across empty steel mills during his 2016 presidential campaign.
Chinese state media has consistently reported that US-China relations have improved under the Trump presidency, to the bewilderment of many in Washington who note that Trump's stated policy positions are significantly more hawkish than previous administrations on a range of issues.
US President Donald Trump has said he will no longer allow the US to be the world's "piggy bank", as he discussed the possibility of introducing tariffs and quotas for steel and aluminium imports. He's considering taking action against the country, after a Commerce Department investigation earlier this year.
The China Metallurgical Industry Planning and Research Institute said it was responding to recent efforts by USA steel firms urging President Trump to curb surging imports that they say are undermining the US industry. "They were the giants, and now they're hanging on for their life". Sherrod Brown, a Democrat, that it was easier to imagine bipartisanship on infrastructure than on DACA. It's a violation of trade rules.
"China is concerned about the USA side's serious trade protectionist tendency in the field of steel products", said Wang Hejun, head of the trade remedy and investigation bureau under China's Ministry of Commerce, in a statement on Tuesday.
"I get the strong sense that this will be a big element of China's strategy if a trade war really does take place - hitting USA agricultural exports... in pro-Republican, pro-Trump constituencies before mid-terms, hoping that the Trump administration steps back".
Russian plane with 71 on board crashes
The flight-tracking website Flightradar24 says Saratov Airlines flight #6W703 was using a seven-year-old Antonov An-148 aircraft. Russia's Ministry of Emergency Situations confirmed that the plane crashed on Sunday a few minutes after taking off.
"And it's possible you won't be creating - you won't be having much of a problem in terms of pricing because I actually think a lot of the countries will eat it because they want to continue to export", Trump said during the meeting.
The president's words drew caution from some federal lawmakers. "We don't want to cut off our nose to spite our face".
"If we proceed from a foundation of mutual respect and understanding, we will identify areas of common interest and together meet challenges ahead", Schwarzman said.
He said: "Chinese imports are not the cause of problems for the United States steel industry".
One hurdle the administration faces in its Section 232 deliberation is the chasm between steel and aluminum producers versus the industries that make products from the raw metal.
Meanwhile, Chinese authorities have accused Trump of threatening the global trade regulation system by taking action under US law instead of through the World Trade Organization. Speaking to legislators, the president said he might take action on national security grounds.