U.S. President Donald Trump said he hopes to discuss nuclear disarmament with China and Russia in the near future.

“When everything settles down—and hopefully it will soon—the first meeting I want to have will be with China and Russia,” Trump told reporters. “We will discuss reducing, stopping, and scaling back nuclear weapons.”

The American leader noted that nuclear disarmament had already been discussed during his first presidential term.

“We had an agreement where both Russia and China agreed to start this process, but then we had a rigged election,” Trump said. “We were discussing denuclearization, and President [Vladimir] Putin and I agreed to pursue it on a large scale.”

Trump argued there’s no point in continuing to produce new nuclear weapons.

“We already have enough nuclear arms to destroy the world 50 times, 100 times over. Yet we keep building, they keep building, and China is building too, because they’re trying to catch up with us,” he emphasized. “Right now, they’re significantly behind, but in five or six years they’ll reach parity. We’re spending massive amounts of money that could be put to better use. Hopefully, we’ll never reach a point where we need these nuclear weapons. If we do, it’ll be a terrible day—possibly the end of everything.”

Trump added that he also wants to discuss reducing military spending overall with Moscow and Beijing.

“I’ll say there’s no reason to spend nearly a trillion dollars on military expenditures,” Trump stated. “I’ll tell them we can spend that money on other things—we don’t have to spend it on military needs.”