Chinese State Media Suggests President Trump Is a 'Fool'

Chinese State Media Suggests President Trump Is a 'Fool'

But Trump also rails against the U.S.'s large trade deficit with China and China's high tariffs on certain goods.

Just days after the Republican firebrand announced trade restrictions on some of the US's closest allies, including European Union states and Canada, it was confirmed America would impose tariffs of 25 percent on $50billion worth of Chinese goods.

The Chinese government said the tariffs were damaging relations and China's offer to buy up to $70 billion of additional American products was invalid.

The value of China's American lobster imports grew from $108.3 million in 2016 to $142.4 million past year.

Senate Minority Leader Chuck Schumer (D-N.Y.) praised a decision by President Donald Trump to slap $50 billion in tariffs on Chinese imports.

The second tranche of products will undergo further review.

"If the United States takes unilateral, protectionist measures, harming China's interests, we will quickly react and take necessary steps to resolutely protect our fair, legitimate rights", a Chinese Foreign Ministry spokesman, Geng Shuang, told a regular daily news briefing, according to the Associated Press.

In Beijing on Friday, Chinese foreign ministry spokesman Geng Shuang repeated earlier warnings that all trade talks between China and the U.S. would be void if Washington imposed trade sanctions.

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A formal announcement in this regard is expected to be made by the US Trade Representatives today with a notification in the Federal Register in the coming weeks. He said that China does not seek a trade war.

President Donald Trump, in an impromptu interview on the driveway at the White House, mentioned China's President Xi Jinping, telling Fox News: "He's my friend, President Xi, he's a great man, he's a wonderful guy but at some point, we have to straighten it out".

China will respond quickly to protect itself if the U.S. hurts its interests with fresh trade tariffs, a foreign ministry spokesman has said. "If there's a ban or tariff, the US can just sell to someone else", Youngberg said by telephone. The tariffs are also meant to punish China for cyberespionage, theft of USA companies' trade secrets and theft of intellectual property, like patents.

Davie Stephens, ASA vice president, said crop prices have already fallen 40 percent over the past five years, and that the new tariffs could be devastating. The list does not include goods such as mobile phones or TVs. Among the specific goods listed by the Chinese government are "unrefined pig fat", coconuts with or without shell, all kinds of rice (including rice flour), frozen orange juice, whiskey, and octopus. During an impromptu appearance on the White House North Law, the president hailed his "very big tariffs" on China.

Louis Kuijs, head of Asia economics at Oxford Economics, said that the back-and-forth trade measures would be a modest drag on economic growth, but, despite the relatively minor hit the tariffs, still make a difference.

"We may be coming closer to the point that it becomes hard for either side to back down".

Trump previously imposed tariffs on steel and aluminum imports from Canada, Europe, Japan, Mexico, a move that drew strong rebukes from US allies.

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