Trump behaves like a street-fighter in trade policy: Chinese media

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The trade deficit with China rose by nearly 1% to $33.5bn. The deficit in goods trade with China also rose.

According to new data, the United States trade deficit is growing despite Trump's tariffs. Washington is anticipated to soon implement tariffs on an additional $16 billion of Chinese goods.

"In the face of the bullying of the Donald Trump administration, Beijing must remain sober-minded and never let emotion override reason when deciding how to respond", according to an editorial by the China Daily, the flagship state-run English newspaper.

The yuan extended gains following a rally triggered by a surprise China central bank move to make it more expensive to bet against the currency.

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According to Reuters, the Chinese commerce minister said in a statement after the latest round of tariff threats that the United States had "repeatedly escalated the situation against the interests of both enterprises and consumers".

The Chinese commerce ministry said it would charge duties on the $60bn (£46bn) of goods that America sends to China each year, in retaliation for the proposed increase in taxes from 10pc to 25pc on the $200bn of Chinese goods that America buys each year. China responded with a 178.6 percent tariff on the roughly $1 billion in sorghum that the USA imports to China each year.

China is proposing a 25% tariff on imports of U.S. liquefied natural gas, a major blow to an emerging American business.

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China's finance ministry also said it would place tariffs of 5 percent to 25 percent on 5,207 goods imported from the United States worth $60 billion if Washington follows through on a proposal to put a 25 percent fine on $200 billion worth of Chinese imports. 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. "China knows what we are asking, they just have not made satisfactory responses".

Trump then concluded: "China, which is for the first time doing poorly against us, is spending a fortune on ads and P.R. trying to convince and scare our politicians to fight me on Tariffs- because they are really hurting their economy".

Michael McCarthy, Sydney-based chief market strategist at CMC Markets and Stockbroking, wrote in a note to clients that while China's proposed new tariffs appeared proportionate, "White House tweets claiming an upper hand for the US over the weekend risk another round of confidence sapping exchanges".

It's the first time the fuel has been ensnared by the expanding trade war and billions of United States dollars may hang in the balance.

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