China says tariff threat against USA 'justified'

Media playback is unsupported on your device                  Media caption The'danger of a US-China trade war

In a front-page editorial on Monday, the overseas edition of People's Daily said Trump was "starring in his own carefully orchestrated street fighter-style deceitful drama" in which diplomacy had been reduced to nothing but a "trading game in which everything should follow the rule of America first".

On Saturday, President Donald Trump praised his tariff plan and insisted, "steelworkers are working again, and big dollars are flowing into our Treasury".

"Governing a country is not like doing business", the state-sponsored newspaper added.

White House economic adviser Larry Kudlow said the yuan is falling partly because China is a "lousy investment", trash talking the world's second-largest economy after it threatened more retaliatory tariffs on USA exports.

Days later, Washington unveiled a list of another $200 billion in Chinese goods, from areas as varied as electrical machinery, leather goods and seafood, that would be hit with 10 percent import duties.

China has threatened to impose new tariffs of 5 per cent to 25 per cent on about $60 billion of American exports, escalating a trade dispute between the world's two largest economies.

"It looks to me like the China economy is declining in growth", said Kudlow. The government has responded by releasing more liquidity into the banking system, encouraging lending and promising a more "active" fiscal policy.

USA companies are putting in place measures to cushion the impact of the trade row, including price hikes, and a number of companies - from industrial firms to home furnishers and toymakers - have said they will move some sourcing and manufacturing outside of China.

FILE PHOTO: Shipping containers, including one labelled "China Shipping", are stacked at the Paul W. Conley Container Terminal in Boston, Massachusetts, U.S., May 9, 2018. The deficit climbed $3 billion to $46.3 billion in June from $43.2 billion in May, the Commerce Department reported Friday.

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Still, despite the data, Trump reiterated in a tweet Sunday that his tariffs are working "big time".

President Donald Trump and China have been engaged in a tense trade war for over five months.

The U.S. has imposed tariffs targeting aerospace, robotics and other forms of technology, while China retaliated with tariffs on agricultural products, seafood and cars, among other things.

But Secretary of State Mike Pompeo remained steadfast on Washington's push for fairer trading conditions. "Market participants foresee a relatively stable Chinese currency in the near term, without fear of impacts from the U.S".

While U.S. crude exports to China appear to have held up in August, with about 342,000 bpd expected to arrive, they seem set for a slump in September.

China has said new duties will be applied only if Washington pulls the trigger on its new tariffs.

"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 US goods.

"Regardless of a potential breakthrough, we believe that this Chinese trade fight will last well beyond the midterm elections as the reforms sought by the Trump Administration will be hard for China to accept and implement". "China has time to fight to the end". Spillovers from that upset contributed to a sharp slowdown in US growth in the second half of the year.

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