China fires salvo in trade war with United States

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The latest criticism from the overseas edition of the ruling Communist Party's People's Daily newspaper singled out Trump, saying he was starring in his own "street fighter-style deceitful drama of extortion and intimidation".

President Trump vowed Saturday to continue imposing tariffs as a central part of his economic agenda and called his critics "fools", pivoting sharply away from the free-trade message that senior advisers had tried to erect in recent weeks.

"They better not underestimate the President", Mr Kudlow said in an interview on Fox Business Network.

The latest exchanges in the mounting trade war between America and some of its biggest trading partners, including China, the EU, Canada and Mexico, comes amid early signs of damage for the world economy.

Last month, the White House offered government assistance to farmers hurt by the trade dispute.

In July, the United States and China slapped $34 billion worth of tariffs on each other's goods.


On Friday, China's finance ministry unveiled new sets of additional tariffs on 5,207 goods imported from the United States worth $60 billion.

China said on Friday that it would respond to threatened tariffs from the U.S. with countermeasures of its own, and released a list of approximately 5200 United States products worth a total of $US60 billion that would be affected by customs duties of between five and 25 per cent.

"It looks to me like the China economy is declining in growth", said Kudlow. Data for May was revised slightly to show the trade deficit falling to $43.2 billion, instead of the previously reported $43.1 billion.

The Post reported that China and the U.S. held unofficial talks last week but a deep and mutual distrust continues to hamper efforts to de-escalate their trade dispute.

'Will depend on U.S'.

On Sunday, he tweeted that tariffs "were working big time".


US President Donald Trump has defended his tariffs against China, tweeting that they had brought Beijing to the negotiating table.

Including the new tariffs already in force, China has now identified nearly 6,000 items for higher import taxes, including liquid natural gas, soybeans, and other products.

While the USA is trying to conclude trade disputes quickly, China is prepared for a "protracted war" and doesn't fear sacrificing short-term economic interests, according to Chinese state media. China stepped in Friday to try to cushion the yuan after a record string of weekly losses saw the currency closing in on the key milestone of 7 per dollar.

The divergence between United States agriculture's collective struggle to retain healthy profits without access to the Chinese market and Huawei beating all of its American competitors to become the second most popular smartphone brand in the world just after South Korea's Samsung, is indicative of the fact that many of China's flagship brands cannot only survive but thrive even when being cut off from the usa market.

"Instead of retaliating, China should address the longstanding concerns about its unfair trading practices, many of which are laid out in USTRs 301 report", Sanders told Breitbart News in a response to news of the $60 billion in Chinese retaliatory tariffs on USA goods.


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