Trump Claims Tariffs 'Working Far Better' Than Anticipated

China unveils retaliatory tariffs on $60 billion of U.S. goods in latest salvo

After a weekend of claims by U.S. President Donald Trump that he has the upper hand in the trade war with China, Beijing responded through state media by saying the nation is ready to endure the economic fallout.

Washington is expected to soon implement more tariffs on $21 billion in additional Chinese goods, which China has already announced it will match immediately.

The retaliation stands to further inflame tensions between the world's two biggest economies and echoes China's response to the previous round of tariffs which took effect last month.

The escalation has business leaders on both sides anxious about where this will end up. Neither side is showing any sign of backing down.

President Donald Trump has made the reduction of the U.S. trade deficit one of the key measures of success in his trade fights with China, the European Union, and Canada.

And he said this approach has paid huge dividends, reviving the American steel industry and bringing manufacturing jobs to the U.S.

The United States and China have the world's biggest trading relationship but official ties are increasingly strained over complaints Beijing's technology development tactics hurt American companies. "So, the basic foundation of US-China cooperation is very strong", he added. The inquiry found that Chinese theft of US intellectual property was costing the USA economy billions of dollars.

One Mahoning Valley expert said the Chinese tariffs would have a negative impact on businesses in the region.

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The US move is being fuelled by deep frustration within the Trump administration over its unsuccessful attempts to press China to change its trade practices, including improperly obtaining American intellectual property.

Throughout all of this, the United States continues to criticise China's trade practices as "unfair" because of the domestic win-win relationship between central government and private producers.

The Chinese are unable to match USA tariffs on a dollar-per-dollar basis but Beijing can make it hard for US companies doing business in China. 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. Every country on earth wants to take wealth out of the USA, always to our detriment.

Cypress Semiconductor Co-Founder T.J. Rodgers discusses how Apple reached a $1 trillion market cap and why China will fold to President Trump's tariffs.

Leaders of the European Union have agreed to begin negotiations with the White House that would include buying more soybeans and energy products in exchange for discussions that could lead to a suspension of steel and aluminum tariffs, but those talks have only just begun and the parameters are unclear. When Trump announced those duties, China hit back.

Pompeo added that he had discussed trade issues with Chinese State Councillor Wang Yi on Friday.

Beijing's attack on Trump comes after the president told supporters during a campaign rally in OH on Saturday that "we have really rebuilt China, and it's time that we rebuild our own country now".

Mr Trump told supporters on Saturday that playing hardball on trade is "my thing".

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