The ruling Communist Party's official People's Daily said in a commentary that the United States needed to "give it a rest" with the complaints that it was losing out to China in the trade relationship. "Because our hearts are too soft!"
"The Chinese government is orchestrating a massive campaign to steal and acquire technology in this country either through electronic means or by human penetration of our institutions and companies, and they're developing that technology faster than we can", he said on Yahoo Finance's The First Trade.
As negotiations toward resolving the U.S.
In another sign trade tensions are hurting the economic outlook, Germany's ZEW institute said investors' mood had deteriorated unexpectedly in May.More news: United States calls for ‘concrete actions’ against Maduro’s repression
On Wall Street, futures for the Standard & Poor's 500 index and Dow Jones industrial average were up less than 0.1%.
In China, the Shanghai Composite Index lost 0.7% and the blue chip CSI 300 fell 0.6% Tuesday but found support after Chinese state-backed purchases. Details of what the duties were before the increases were unclear. The Trump administration is now cracking down on such "theft" with measures ranging from monitoring and constraining Chinese scholars and students visiting and studying in USA, to red-flagging Chinese tech giants such as Huawei and ZTE, both of whom are expected to face a crackdown in the United States in the coming days. Trump wrote. It did not escape Trump critics that his proposal to redistribute income with tariffs on incoming goods and subsiding farmers with it was tantamount to the very idea he was panning Democrats for: Socialism.
China is not to blame for the huge trade deficit the United States runs, and China was a hugely profitable market for U.S. companies, the paper said, in a commentary published under the pen name "Zhong Sheng", meaning "voice of China". Trump's uninhibited twitterstorm also held out both opportunity and warning to other countries, notably India, which is wrapped up in its own expansive elections and seems oblivious to the most consequential confrontation in the world since the end of the Cold War. Trump said Monday he Xi would meet during the Group of 20 meeting of major economies on June 28 and 29 in Osaka, Japan.
The time before then will be "highly volatile" for financial markets, said Macquarie Bank analysts in a report.
In response to Trump's surprise announcement of tariff hikes last week, Senate Minority Leader Chuck Schumer (D-NY) tweeted on May 5 that Trump should "hang tough on China", and not back down.More news: Serena Williams pulls out of Italian Open with knee injury
Chinese tariffs announced Monday don't take effect until June 1, over two weeks from now.
"We are in a much better position now than any deal we could have made".
The Chinese government made a nod to these concerns by including for the first time an exclusion mechanism in its latest round of tariffs on US$60 billion of U.S. imports.
Tariff increases already in place have disrupted trade in American soybeans and Chinese medical equipment.
Baughman says the total economic costs on American families will be far higher--the result of a combination of job losses, slower economic growth and a drop in exports due to China's retaliatory tariffs.More news: 5 killed, 10 injured in midair seaplane collision in Alaska
That move underscored worries about the economic impact of a trade war, given a sustained inversion of this part of the yield curve has preceded every US recession in the past 50 years.