China's state-backed Global Times has called Beijing's trade conflict with Washington a "people's war" and accused the U.S. of "greed and arrogance", after both sides hiked tariffs on each other's exports. As well as looking to narrow the trade deficit between the two countries, President Donald Trump has repeatedly accused China of stealing trade secrets and forcing foreign companies to hand over technology as a price of entry to the Chinese market.
He noted that the United States purchased more products from China than China purchased from the United States, giving him an advantage.
Doanld Trump recently alleged that China had backed out from the deal. "If someone attacks us on our doorstep, we will take them on and fight to the finish", China's foreign ministry spokesman Geng Shuang said.
Stocks rebounded Tuesday as President Trump insisted his trade dispute with Chinese President Xi Jinping amounts to a "little squabble" that can be resolved.More news: Sri Lanka clashes kill one; imposes nationwide curfew after mosques attacked
"The US move damaged the interests of the two sides and did not meet universal expectation of the worldwide community", the statement said.
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 United States which had imposed $200 billion worth of Chinese goods in the midst of the trade war last week. Farmers are also suffering from extensive flooding that has delayed planting. 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.
In a tweet earlier on Tuesday, Trump appealed to China to buy USA farm products.
He urged US companies to "make your product at home in the United States of America and there is no Tariff". This should have been done by our leaders many years ago.More news: Powerful quake hits Papua New Guinea, tsunami alert issued
"China does not want to fight the trade war but it is not afraid to fight it".
But both sides have expressed willingness to come together and make a trade deal to cool the escalating trade war between the two superpowers.
Beijing, meanwhile, has suggested that tariffs will hurt American consumers and companies that manufacture in China.More news: Jon Snow Cries in New 'Game of Thrones' Documentary Trailer
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