Trade war with China: What you need to know

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The Dow sustained a 574 point drop (down 2.3 percent), while the Nasdaq dipped 161 points (down 2.3 percent). "I encourage the administration to sit down and find a solution to this tariff war with China that protects the US' agricultural economy, promotes fair and free trade, and protects our intellectual property", he said.

"If the USA side disregards opposition from China and the global community and insists on carrying out unilateralism and trade protectionism, the Chinese side will take them on until the end at any cost", the Ministry of Commerce said in a statement on its website. That's why China answered Trump's tariffs with a slew of its own taxes, and why Trump subsequently threatened to impose an additional $100 billion in tariffs on Chinese goods. Following the USA administration's imposition of tariffs on aluminium and steel last month, the president ramped up the pressure by adding 25 percent tariffs to a list of 1'333 Chinese imports earlier this week. The Trump base is soon to find out that its leader's policies will increase the cost of just about anything it buys, that capital inflow will decrease and the expansion of US industry will slow, and jobs will be lost rather than created. "We represent 6 percent of the imports but account for 51 percent of the tariffs".

"So we may take a hit and you know what, ultimately we're going to be much stronger for it", Trump said.

When asked about the tensions over trade now brewing with China, Trump said the US had already lost.

China's media, which is strictly controlled by the government, has come out in defence of the country, painting it as a victim of a too aggressive United States bent on taking illegitimate unilateral action.

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The rising trade tension between the world's two largest economies follows a U.S. finding that China was engaging in unfair trade practices in connection with intellectual property protection.

This was two days after the US released a list of 1,300 products it proposed hitting with tariffs, totaling about $50 billion in trade.

There is one simple truth to our trade deficit: Most of it exists because the the richest country and can buy far more from others than they from us.

Since Trump started his criticism of Amazon, the company has lost more than $37 billion in market value.