Chinese state media slams Trump for 'extortion' in trade dispute

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

Most major USA crops were already hit by previously announced Chinese duties, so the fresh duties announced Friday on about $60 billion worth of American goods is leaving the farm largely unscathed. He told trade officials this week to consider raising that to 25 percent.

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

Hopes had been rising that Trump might drop his trade-war campaign after the president announced a deal last week with European Commission President Jean-Claude Juncker that would see the USA and EU cut tariffs and other barriers.

April 9: China filed a complaint to the World Trade Organization (WTO) against Trump's metal tariffs.

He noted stocks are down in China, which he said is weakening the country's bargaining power over tariffs. The deficit in goods trade with China also rose.

More evidence of the inaccuracy of US tariff policy, according to Wang, is that the Office of the US Trade Representative announced in July how companies could apply for exclusion from the newly imposed tariffs on Chinese imports.

As a US-led trade war rages on, some companies are starting to feel the pain.

"This was a coalition of the vast majority of the economies of Asia outside of China, agreeing to principles exactly of the form that we're now saying that we want".

Trump apparently believes he can control the response of USA trading partners to his threats and intimidations, and that he can conclude token trade deals, if necessary, to avoid falling over the trade cliff of currency devaluations.

But Trump raised the stakes this week with his threat to lift the tariff rate.

Wang said that "accuracy" meant using tariffs to maximize the pain for targeted countries while protecting United States consumers and companies.

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Trump backtracked from his threat to impose tariffs on autos.

The dispute is part of broader USA complaints about global trading conditions that have prompted Trump to raise duties on steel, aluminum, washing machines or solar panels from Canada, Europe, Japan and South Korea. The US S&P 500 index, a broad measure of major US companies, has yet to regain highs made in January, just before the escalation of trade tensions initiated by the US.

The so-called trade war with NAFTA and Europe is still phony.

The vehicle industry seems to have been the most affected so far, with three major automakers recently warning that changes to trade policies are hurting performance.

The US and China: poles apart?

A dip in auto exports and rising oil prices in June drove the biggest increase in the United States trade deficit in 19 months, reversing much of May's export bonanza, the government reported Friday.

The president repeatedly mentions the United States trade deficit when talking about trade fights with China, the European Union, and Canada.

Third, it is demanding stringent limits and reductions in China's current policy requiring USA nextgen technology transfer from U.S. businesses operating in China.

These represent not only the source of industries of the future, but threaten a quantum leap in China military capabilities.

But based on the latest trade numbers, released Friday, it appears Trump is falling short of his main goal for trade battles; the United States trade deficit is actually heading in the opposite direction.

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