Who isn't President Donald Trump targeting with a trade war?
Trump in a tweet on Tuesday had said, "We have placed a 25 per cent tariff on "dumped" steel from China and other countries, adding that in one year tariffs have rebuilt our steel industry - it is booming!"
Despite the mounting economic threat and escalating tensions, Trump was optimistic about reaching a deal with China.
"We're having a little squabble with China", he said.
"A lot of strength is being shown, this has never happened to China before, our economy is fantastic; there's is not so good", he said.
The spokesman provided no further details on the timing of a potential visit, but confirmed Trump's plan to meet Chinese President Xi Jinping in late June at a Group of 20 leaders summit in Japan.
"As for how they are pursued, I think that hinges upon further consultations between the two sides", Geng said.
If China stops buying American farm products because of tariffs, Trump said, farmers will be compensated.
Earlier on Monday, Trump had said China should not retaliate because "things could only get worse", however, just hours later China unveiled its new round of tariffs in a tit-for-tat move against the U.S. which had imposed $200 billion worth of Chinese goods in the midst of the trade war last week.
The Trump administration past year offered $12 billion in compensation to American farmers and has vowed to do more, using the revenues from the new tariffs - which he incorrectly claims is paid by China rather than United States importers.
The new round of tariffs will hit other parts of the USA food industry, with beans, lentils, honey, flour, corn and oats all on the list of goods that will be taxed.
Soybeans, which was the most valuable United States export crop, bounced off a decade low on Tuesday as the market's focus shifted to weather-related planting delays that could reduce the crop size. "We are now a much bigger economy than China, and have substantially increased in size since the great 2016 Election". He did not provide details on the plan, which follows US$12 billion in similar farm aid past year.
"You only have to look at our trade deficit to see that we are being taken to the cleaners by our trading partners", Trump wrote two decades ago in The America We Deserve, arguing that peaceful economic exchange is "like war".
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