Trump is losing the trade war, according to his favourite measure

China is threatening to impose tariffs on U.S. coffee and honey

China threatens tariffs on $60 billion in US goods

Timing will depend on the actions of the United States, the Chinese Commerce Ministry said in a separate statement.

"We said before that this round of tariffs amounted to doubling down on the recklessness of imposing trade policy that will hurt U.S. families and workers more than they will hurt China", a major trade group, the National Retail Federation, said in a statement last week. The Trump administration is weighing an additional round of tariffs on $200 billion of Chinese goods.

While a strong US Dollar combined with a weaker Yuan will make many Chinese goods on the US market still highly competitive in terms of pricing in spite of tariffs, an equal and opposite effect is being felt by US producers whose warehouses of goods that would have normally been shipped off to China are now left to rot.

Most major United States crops were already hit by previously announced Chinese duties, so the fresh duties announced Friday on about $60 billion worth of American goods is leaving the farm largely unscathed.

The White House has imposed a 25 percent tariff on $50 billion worth of Chinese goods containing "industrially significant technologies" in an escalating, tit-for-tat conflict between the world's two largest economies. Mr Trump is aiming to reduce his country's $375.6 billion trade deficit in goods - the gap between imports and exports - with China.

"China has to take necessary countermeasures to defend its dignity and the interests of its people."

China today announced a $60 billion list of USA goods including coffee, honey and industrial chemicals for retaliation if Washington goes ahead with its latest tariff threat. USA business and farm groups, which do extensive business with China, have complained for months about Trump's strategy, but there are no signs that the Chinese government is paying for a campaign in the United States. The tariffs would range from 5 percent to 25 percent.

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U.S. Secretary of State Mike Pompeo, however, remained staunch on Washington's push for fairer trading conditions with China.

There is no evidence that the Chinese government is financing an advertising campaign in the United States to convince US politicians that Trump's approach is wrong.

"Market participants foresee a relatively stable Chinese currency in the near term, without fear of impacts from the U.S". The U.S. can buy more because the economy is strong.

President Donald Trump is losing his trade wars - at least according to his favourite measure of success.

The president repeatedly mentions the USA trade deficit when talking about trade fights with China, the European Union, and Canada.

Trump cited losses in China's stock market as he predicted the US market could "go up dramatically" once trade deals were renegotiated.

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