Trump is losing the trade war, according to his favourite measure

Here's Why Trump Is Hiking Chinese Tariffs To 25%

Earlier it was reported that on June 15, trump approved the introduction of duties on goods from China worth about $ 50 billion, despite earlier agreements with Beijing.

Beijing fought back with matching tariffs on the same amount of US exports to China.

"Because the USA side has repeatedly escalated the tension, disregarding the interests of enterprises and consumers of both sides, China has to take necessary countermeasures to defend the country's dignity and the interests of the Chinese people, defend free trade and the multilateral system, and defend the common interests of all countries in the world", the ministry said.

Foreign ministry spokesman Geng Shuang told media that "the Chinese side calls on the USA to return to rationality, and eradicate its mistakes to create the right conditions for resolving the problem".

Chinese leaders have offered to narrow their politically sensitive trade surplus with the United States by purchasing more American goods.

Chinese leaders have offered to purchase more American goods, but rejected the USA request to change technology policies they see as a path to prosperity and global influence.

China immediately expanded its own list of types of USA products to be tariffed, including farm products, cars and crude oil. Last year, China imported about $130 billion in goods from the United States. Cheniere Energy Inc., which began exports in February 2016 from a US gas market glutted with the fuel, fell on the news.

U.S. President Donald Trump has said he is determined to reduce the large U.S. trade deficit with China. He is deliberating whether to impose tariffs on an additional $216 billion worth of Chinese products in the coming weeks. But. the Chinese Party and the government control the media as well as a good bit of the economy. When a big US retail chain or an equipment manufacturer has to pay 10 or 25 percent more to get steel from Canada or a certain part from China, that USA company has to pay the tax when it imports that item. Tariffs of 2,3 percent hardly represent a tariff war, let alone a trade war.

Sales-tax holidays in Iowa, Wisconsin this weekend
Georgia repealed a tax holiday last year, and the Massachusetts Legislature this year defeated a proposed holiday , Anklam said. The group says some retailers even raise prices during tax-free holidays , offsetting the savings consumers would enjoy.

Chinese authorities warned earlier that if the dispute escalated, they would adopt unspecified "comprehensive measures".

The United States and China have the world's biggest trading relationship but official ties are increasingly strained over complaints Beijing's technology development tactics hurt American companies.

But Chinese officials have suggested in recent weeks that if the United States proceeds with tariffs on a very wide range of Chinese goods, then Beijing may also retaliate against the Chinese-owned operations of big US companies.

A lot of Republicans in Congress will tell you that they support President Donald Trump but disagree with him about trade. The U.S. can buy more because the economy is strong.

The foreign ministry spokesman appealed to Washington to negotiate but could not confirm reports the two sides were setting up talks.

China is trying to seek an "equal" position in future talks with the USA with Friday's retaliation announcement, said Gai Xinzhe, analyst at the Bank of China's Institute of International Finance in Beijing. "At minimum, we will make much better Trade Deals for our country!" he added. The inquiry found that Chinese theft of USA intellectual property was costing the US economy billions of dollars. US Trade Representative Robert Lighthizer last week called trade tensions a "chronic problem" that would likely take years to resolve.

According to the US Census Bureau, the US goods trade deficit with Canada jumped to just over $2 billion in June from $1.5 billion in May.

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