Trump satisfied with result of market tariffs increase regarding China

Media playback is unsupported on your device                  Media caption The'danger of a US-China trade war

Media playback is unsupported on your device Media caption The'danger of a US-China trade war

"Tariffs will make our country much richer than it is today".

Answering a reporter's question about what was specifically said on trade, Wang said: "We did not speak in such details". "China is not delivering, OK?"

Speaking on the sidelines of a security forum in Singapore, he hit back at Kudlow's remarks: "As to whether China's economy is doing well or not, I think it is all too clear to the whole worldwide community", Wang said, adding that China contributed a huge amount to global economic growth.

"China's economy, especially its manufacturing industry, has become highly diversified thanks to the sound supportive system and fast-growing domestic markets after decades of development", Tu said.

President Donald Trump blames the practices for putting United States companies at a disadvantage and helping to create a trade deficit.

Trump then threatened to slap a 10% tariff on another $200 billion worth of Chinese goods, again leading to a counter-threat from Beijing.

On Wednesday, President Donald Trump ordered U.S. Trade Representative Robert Lighthizer to consider raising proposed tariffs on an additional $200 billion of Chinese products from 10% to 25%.

The retaliation stands to further inflame tensions between the world's two biggest economies.

On Friday, China announced retaliatory tariffs on $60 billion worth of USA goods, and warned of further measures, signalling it will not back down in a protracted trade war with Washington.

According to China's Ministry of Commerce, the measure will come into force immediately if Washington starts to impose taxes on Chinese imports.

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China's proposal to add a new round of tariffs on $60 billion worth of goods it imports from the USA - retaliation for expanding planned tariffs by the Trump administration - is only hitting one commodities sector hard: liquefied natural gas shipments.

Pressure from the Trump administration is mounting on China after the United States and European Union agreed in late July not to impose new tariffs, and instead negotiate the removal of trade barriers in order to realise an open market.

After talks between Washington and Beijing broke down in May, some see this as the Trump administration's way of forcing China back to the negotiating table.

Beijing's earlier round of tariffs appeared created to minimize the impact on the Chinese economy by targeting soybeans, whiskey and other goods available from Brazil, Australia and other suppliers.

Economists have warned that the tit-for-tat import duties, which have unsettled the US stock market, could undercut manufacturing through disruptions to the supply chain and put a brake on the strong economic growth. A White House spokeswoman said the administration remains open to further talks. USA manufacturers are considering expanding outside the country to avoid the widening trade conflict, according to the Institute for Supply Management's July survey.

"We do have significant exports to China, especially in mechanical machinery and electrical machinery", said Mousa Kassis, director of the Export Assistance Network at Youngstown State University. But in the meantime, foreign nations are imposing tariffs on some USA goods such as soybeans and whiskey.

Trump also oddly boasted in OH that the tariffs would help the US pay off its $21 trillion debt (Trump is responsible for $1.9 trillion of debt).

China has already retaliated against some of these measures. China has denied violating global trade norms.

The trade war between the world's two biggest economies is taking on a life of its own.

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