Trump says tariffs 'working far better' than anticipated

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Trump has said he is determined to reduce the large U.S. trade deficit with China.

The overseas edition of the Communist Party's People's Daily newspaper said Trump was starring in his own "street fighter-style deceitful drama of extortion and intimidation", Reuters reported.

The trade war between the United States and China started in the backdrop of increasing trade deficit between the U.S. and China.

After a weekend of claims by U.S. President Donald Trump that he has the upper hand in the trade war with China, Beijing responded through state media by saying the nation is ready to endure the economic fallout.

The US widened the tax net to cover Mexico, Canada, the European Union and India.

"The trade war is a tactic by Trump, but if it eventually evolves into a strategic confrontation, the result will undoubtedly be disastrous", he said.

Trump's measure of success at his OH speech appeared to be how much tariffs are hurting China.

"China's economy, especially its manufacturing industry, has become highly diversified thanks to the sound supportive system and fast-growing domestic markets after decades of development", Tu said. In fact, some argue that a larger trade deficit actually displays signs of a stronger U.S. economy.

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The US imposed 25 percent tariffs on $34 billion of Chinese goods in early July, with another $16 billion to be targeted in coming weeks, drawing an in-kind retaliation from China.

China then retaliatedwith a threat on Friday to hit $US60 billion worth of USA exports to China, with tariffs ranging from 5% to 25%.

If China carries through on its latest threat, it will be imposing some form of tariffs on almost all of the $130 billion in goods it imports from the U.S.

"I might think the $60 billion is a weak response to our $200 (billion)", Kudlow said dismissively, while admitting that "there is a lot they can do to damage our companies in China".

Lu Xiang, an expert on U.S.

Taking into full consideration the interests of its people and companies, as well as the global value chain, the Chinese government made the decision to impose differentiated tariff rates targeting $60 billion worth of U.S. goods. China's Foreign Minister Wang Yi said China has contributed a huge amount to global economic growth. Kudlow cited state subsidies and forced technology transfers as behaviours that the Trump administration wants China to end. The People's Bank of China stepped in to support the yuan yesterday after the currency slid to the lowest in more than year.

Cheniere, Tellurian Inc. and other LNG developers have been courting utilities and state-backed companies in China to fund construction of more terminals to ship the super-chilled form of the gas. The U.S. can buy more because the economy is strong.

The ministry reiterated that since the United States has ignored the interests of companies and consumers in both countries, China has to take the necessary countermeasures to safeguard the dignity and interests of its people, defend free trade and the multilateral system, and ensure the common interests of all the countries of the world. 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 U.S. market.