‘Wishful thinking’: Chinese newspaper rips Trump’s belief he’s winning trade war

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While talking to Bloomberg TV President Trump's chief economic advisor Larry Kudlow said "Don't underestimate President Trump's determination to follow through" while talking about tariffs on Chinese goods.

"China market has dropped 27 percent in the last four months".

Trump's desire for others to play along with his drama is "wishful thinking", a commentary on the paper's front page said, arguing that the United States had escalated trade friction with China and turned global trade into a "zero-sum game".

China proposed retaliatory tariffs on US$60 billion (RM244.7 billion) worth of US goods ranging from liquefied natural gas (LNG) to some aircraft on Friday, following a proposal by the administration of US President Donald Trump for a higher 25 per cent tariff on US$200 billion worth of Chinese imports.

According to China's Ministry of Finance, the import taxes would range in rates from 5% to 25%, and numerous total 5,207 affected products are agricultural related such as oats, starch and cocoa-added items.

Beijing has responded by releasing more liquidity into the banking system, encouraging lending and promising a more "active" fiscal policy.

Despite the harsh tariffs, China's exports are thought to have grown last month.

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"Certainly, his claim of victory over China in the current trade battle, and remarks such as China is "doing poorly against us" and "we are winning" are nothing more than wishful thinking and aimed at covering up the harm his administration's attack on Chinese trade is doing to the USA economy", the China Daily editorial said.

Trump has repeatedly criticised China for its trade deficit with the USA, which he feels is a sign of unfair trade practices.

Yet, a flurry of articles in Chinese state media emphasised the resilience of China's economy and downplayed concerns about the impact of the Sino-U.S. trade war.

On Friday, the People's Bank of China said it would require banks to keep reserves equivalent to 20 percent of their clients' foreign exchange forwards positions from Monday, in a move to stabilise the yuan.

In a separate commentary, in the People's Daily overseas edition, a researcher at the Commerce Ministry reiterated this stance, saying China was strong and resilient enough to weather the trade dispute.

On Tuesday, the official English newspaper China Daily also took issue with Trump's Sunday comments on Twitter that tariffs "are working big time".

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