China state media attacks Trump on trade in unusually harsh terms

China threatens tariffs on $60 billion in US goods

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The latest issue from the global edition of the ruling Communist Party's People's Daily newspaper called out Trump, stating that he was starring in his very own "street fighter-style deceitful drama of extortion and intimidation".

Chinese state media on Monday reportedly called President TrumpDonald John TrumpSouth Korea urges Pyongyang to speed up denuclearization process More than a dozen arrested as protesters, counter-protesters clash in Berkeley Trump golfs with Graham at New Jersey club MORE's trade policies "extortion" in an article framing the president as a delusional actor playing make-believe. From Apple to General Motors, a long list of large US enterprises have transferred extensive operations to China and could be vulnerable to any response from Beijing.

But economists now worry that a continually widening trade deficit - which will be exacerbated if Trump keeps upping tariffs - will slow the US economy in the second half of the year, reports The Wall Street Journal.

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

In another tweet, he said: "Tariffs will make our country much richer than it is today".

Trump also cited losses in China's stock market as he predicted that the USA market could "go up dramatically" the moment trade deals were renegotiated.

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"China's economy, especially its manufacturing industry, has become highly diversified thanks to the sound supportive system and fast-growing domestic markets after decades of development", Tu said.

The US economy is more insulated from trade concerns, but Chinese leaders have retaliated strategically, targeting products made in Republican districts and final goods, like soybeans, that can be purchased elsewhere.

China proposed retaliatory tariffs on $60 billion worth of United States goods ranging from liquefied natural gas (LNG) to some aircraft on Friday, as a senior Chinese diplomat cast doubt on prospects of talks with Washington to solve their bitter trade conflict.

Speaking on the sidelines of a security forum in Singapore, he hit back at Kudlow's remarks: "As to whether China's economy is doing well or not, I think it is all too clear to the whole worldwide community", Wang said, adding that China contributed a huge amount to global economic growth.

"China's countermeasures with differentiated tariff rates are rational and restrained, and were proposed after extensively soliciting opinions and careful evaluation", the spokesperson said in a statement.

But China is somewhat limited with the extent of what tit-for-tat trade measures are at its disposal, as it exports far more goods to the U.S. than it imports.

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Lu Xiang, an expert on U.S.

On Sunday, he tweeted that tariffs "were working big time".

"The US and China have backup plans in areas like technology and agriculture, where they can look towards importing from third-party nations", Ye Tan, an independent Chinese economic analyst, told AFP.

Duties ranging from 5 percent to 25 percent will be levied on 5,207 kinds of imports from America if the USA delivers its proposed taxes on another $200 billion of Chinese goods, the Ministry of Finance said in a statement on its website late Friday. The People's Bank of China stepped in to support the yuan yesterday after the currency slid to the lowest in more than year. "Time will prove that the US eventually makes a fool of itself", the Global Times said. "Given China's huge market, its systemic advantage of being able to concentrate resources on big projects, its people's tenacity in enduring hardships and its steadiness in implementing reform and opening-up policies, the country can survive a trade war".

FILE - A clerk counts Chinese yuan and USA dollar banknotes at a branch of Bank of China in Taiyuan, China, Jan. 4, 2016.

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