China reveals plan to tax $60 bn worth American goods

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

That's in stark contrast to the US' one-size-fits-all tariff approach, which was ill-considered, they said.

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".

But Chinese officials have suggested in recent weeks that if the United States proceeds with tariffs on a very wide range of Chinese goods, then Beijing may also retaliate against the Chinese-owned operations of big USA companies.

Washington says its actions are aimed at correcting the level playing field because the US suffers from a severe trade deficit in its business with China.

After months of economic tensions, the US and China are continuing trade talks, said President Trump, who on Saturday touted the effectiveness of tariffs in a series of tweets.

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

"Copper is a global market that depends much less on regional trade flows and therefore tariffs in any one region should not have a material impact on the market", Chris LaFemina, an analyst at Jefferies, said by telephone from NY. At minimum, we will make much better Trade Deals for our country!

To put matters bluntly, the U.S. government is now facing the medium term possibility of paying its farmers to throw away foodstuffs while Chinese investment in its various domestic industries is used to help push Chinese goods to the forefront of innovation while helping Chinese products ranging from agriculture to industrial goods to reach foreign shelves.

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However, a flurry of articles from the Chinese state media stressed the resilience of China's economy, essentially downplaying concerns regarding the impact of the US-China trade war.

The statement follows a recent announcement by the Office of the US Trade Representative (USTR) that it was considering increasing the proposed additional duty on $200 billion of Chinese products from 10 per cent to 25 per cent.

Chinese officials have vowed to retaliate against any further US measures, though they have also taken steps in recent weeks to shore up economic growth and have warned of the risks of job losses as a result of the trade war.

As many as 5,207 United States products, including meat, coffee, nuts, alcoholic drinks, minerals, chemicals, leather products, wood products, machinery, furniture and auto parts were listed by China to be targeted for the "safeguard its own legitimate interests". "China, which is for the first time doing poorly against us, is spending a fortune on ads and PR trying to convince and scare our politicians to fight me on Tariffs - because they are really hurting their economy", he wrote on Twitter.

After China threatened to impose new retaliatory tariffs on a variety of American goods - everything from beef to condoms - the war of words between Washington and Beijing escalated yet further. US businesses either eat that extra cost or pass it along to consumers.

Last week, the US President told his top trade official to study whether to raise tariffs on US$200 billion worth of Chinese goods from a planned 10 per cent to 25 per cent. Beijing then threatened to impose tariffs on an additional US$60 billion worth of American exports - which White House economic adviser Larry Kudlow dismissed as "a weak response". The U.S. can buy more because the economy is strong.

"He (Pompeo) was accommodating on this as a direction, and said that he does not want current frictions to continue", said State Councillor Wang Yi, who is also China's foreign minister.

"Market participants foresee a relatively stable Chinese currency in the near term, without fear of impacts from the US-China trade dispute".

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