President Trump said the U.S. is not in a trade war with China in a tweet hours after China unveiled the latest round of tariffs targeting $50 billion in U.S. goods.
Trump also accused past U.S. presidents of “foolish” trade policies that “lost” the trade war against China years ago.
{mosads}
“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. 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 wrote.
China’s government early Wednesday announced a $50 billion package of tariffs targeting U.S. soybeans, automobiles and other exports.
The White House, meanwhile, has pushed a number of tariffs aimed at China in recent days, including tens of billions of dollars in tariffs on Chinese electronics and furniture.
The Trump administration has made confronting Chinese intellectual property theft a top priority in recent days, while China has promised reciprocal actions for any trade moves from the White House.
Trump has in the past dismissed warnings from business leaders and Washington lawmakers that his actions could spark a trade war, calling such a conflict “good and easy to win.”