Trump pushes back against market fears of trade war
President Donald Trump on Wednesday tried to tamp down economic anxieties over tariffs recently announced by China and the United States.
Posted — Updated"We are not in a trade war with China, that war was lost many years ago by the foolish, or incompetent, people who represented the U.S.," Trump tweeted, adding, "Now we have a Trade Deficit of $500 Billion a year, with Intellectual Property Theft of another $300 Billion. We cannot let this continue!"
Trump's proclamation comes amid a tit-for-tat on trade restrictions that he decided to engage in.
On Tuesday, the Trump administration published a list of about 1,300 Chinese exports -- worth about $50 billion annually -- that it intends to target with 25% tariffs. China responded on Wednesday, with its Ministry of Commerce announcing plans to impose its own 25% tariff on $50 billion worth of US exports. The 106 affected products will also include soybeans and chemicals.
The escalating exchange of tariffs has many analysts -- and markets -- fearing a potential trade war.
US stocks were poised to open sharply lower on Wednesday after China announced its plans.
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