Trump: "We Are Not In A Trade War With China; That War Was Lost Many Years Ago..."

With US stock futures plunging toward their Wednesday lows following China's decision to strike back against the US by announcing 25% tariffs on on some $50 billion of US imports, including soybeans, airplanes, cars and chemicals, as the news revived fears of an escalating trade war.

But in a pair of tweets sent Wednesday, President Trump suggested that the market had it wrong. We aren't about to start a trade war with the Chinese, the president said. Rather, we've been fighting a losing battle for years.

"We are not in a trade war with China, that war was lost many years ago by the foolish, or incompetent, people who represented the US. Now we have a Trade Deficit of $500 Billion a year, with Intellectual Property Theft of another $300 Billion. We cannot let this continue!"

And before that, the president lashed out at the US's weak border laws for the fourth time in a week - after announcing last night that he would mobilize the military to protect the US's southern border as a caravan of Central American immigrants draws closer.

"Our Border Laws are very weak while those of Mexico & Canada are very strong. Congress must change these Obama era, and other, laws NOW! The Democrats stand in our way - they want people to pour into our country unchecked....CRIME! We will be taking strong action today."

During an appearance on CNBC shortly after Trump fired off his tweets, Commerce Secretary Wilbur Ross said he was "a little surprised" at the market's reaction, saying China had already announced its tariff plans, and that the two sides were likely still headed for a negotiation.

 

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