Chinese state media labels Trump's trade policies 'extortion'

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China's new four-level tariff policy targets different USA products and industries, Liu Shangxi, head of the Chinese Academy of Fiscal Sciences, told China Daily.

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".

Trump also took to twitter on Saturday to claim the tariffs are working and China is talking to the United States.

"China will not rush to compete with US numbers", it said, echoing comments made by state television.

The result could weigh on revised calculations of second quarter growth, which President Donald Trump hailed as a key The US bilateral trade deficits also expanded with China, the European Union, Canada and Mexico achievement of his economic policies last week after it was reported as the strongest GDP increase in almost four years.

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

"Tariffs will make our country much richer than it is today", Trump said in another tweet. Our market is stronger than ever, and will go up dramatically when these awful Trade Deals are successfully renegotiated.

Ed Mills, a policy analyst at Raymond James, said in a note to clients that while the possibility of a breakthrough deal remains, it is unlikely to come without increased trade restrictions.

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Recall that President Hassan Rouhani of Iran had earlier warned the USA against any attempt to stop Tehran's oil trade. That's probably because there's already an existing 57% Chinese duty on United States polysilicon due to an earlier solar trade dispute now in its fourth year.

President Donald Trump in June asked U.S. Trade Representative Robert E. Lighthizer to draft a plan for a 10 percent tariff on $200 billion in Chinese imports.

Everything from oak wood to veneered panels of laminated wood has been ensnared in China's escalation of the trade battle with the US Half of US hardwood production is exported, and the bulk goes to China, Michael Snow, executive director of the Sterling, Virginia-based American Hardwood Export Council, said Friday in a telephone interview.

China has either imposed or proposed tariffs on $110 billion in US goods, representing the vast majority of its annual imports of American products.

Beijing yesterday revealed more than 5,200 American-made products would be slapped with new levies in response to a threat by Donald Trump's administration to impose additional duties on $200bn of Chinese goods. So this unifies NAFTA and U.S., Europe, Australia, Japan. Kudlow cited state subsidies and forced technology transfers as behaviours that the Trump administration wants China to end. On the other hand, Chinese central bank's efforts to bolster the tumbling yuan helped to stabilize the currency.

But a flurry of articles in Chinese state media emphasised the resilience of China's economy and downplayed concerns about the impact of the Sino-U.S. trade war. "Time will prove that the USA eventually makes a fool of itself", the paper said.

The People's Daily editorial said the United States was "turning worldwide trade into a zero-sum game" in the hope of forcing China to make a tremendous compromise.