Trump's trade war is bigger than China; it's a multi-front world conflagration in which Trump is the aggressor, picking fights with world leaders and the US Congress as he foists his nationalism onto the rest of the world, sending shock waves through the global economy. "Americans understand the need to hold China accountable, but they also need to know that the administration understands the economic pain they would feel in a prolonged trade war", Grassley said in a statement.
Trump tweeted, "My respect and friendship with President Xi (Jinping) is unlimited but, as I have told him many times before, this must be a great deal for the United States or it just doesn't make any sense".
Trump tweeted Monday after the countries failed to reach a deal in recent talks.More news: Tati Wesbrook Breaks Silence As James Charles Loses 3M Subscribers
"The measure taken by the USA escalated trade frictions and violated the consensus reached by both sides to tackle trade disputes through consultations", the authorities said in a statement issued by the Customs Tariff Commission of the State Council.
But he said nothing about Monday's 2.4% stock market plunge after China countered Trump's levies by announcing June 1 tariff increases on $60 billion worth of US exports. "Hopefully China will do us the honor of continuing to buy our great farm product, the best, but if not your Country will be making up the difference based on a very high China buy". "But I think we have to be cautious about raising tariffs on both sides, because that'll hurt our economy ultimately". The administration plans to extend the 25 percent tariff to another $300 billion in goods, which would cover almost everything Americans import from China, including computers and cellphones. Farmers are also suffering from extensive flooding that has delayed planting.More news: Bond 25: Production Delayed After Daniel Craig Is Injured On Set
On Friday, Trump had issued orders for the tariff increase, asserting that China "broke the deal" by reneging on earlier commitments made during negotiations. The trade war with China is "a little squabble".
More than 10 rounds of negotiations have been held between the two sides, ever since the two leaders agreed to put a hold on the trade dispute on the sidelines of a year ago " s G20 summit in Argentina.More news: ASX slumps at open after Wall Street falls