State media says China's response to latest U.S. tariffs restrained, rational

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

On Saturday, President Donald Trump praised his tariff plan and insisted, "steelworkers are working again, and big dollars are flowing into our Treasury".

This could drive US importers to stop bringing in certain goods because they are too costly, hurting the foreign manufacturers, but those foreign companies do not pay the tariffs, and neither do the foreign countries where those companies are based. "If they don't want to be taxed, let them make or build the product in the U.S. In either event, it means jobs and great wealth", the president tweeted Sunday.

The People's Bank of China earlier in the day was forced to step in to prop up the yuan, imposing restrictions that make it more expensive to short-sell, after a record string of weekly losses.

On Wednesday, Trump proposed a higher 25 percent tariff on $200 billion worth of Chinese imports. "And it looks like the People's Bank of China is trying to pump it up by adding high-powered money and new credit". A final decision on the tariffs isn't expected until September.

Chinese state media on Monday lambasted U.S. President Donald Trump's trade policies in an unusually personal attack, and sought to reassure investors anxious about China's economy as growth concerns battered its financial markets.

China's Commerce Ministry said in a seperate statement Beijing's new set of proposed import tariffs on USA goods were rational and restrained.

And he touted his tariffs at a rally outside Columbus, Ohio, on Saturday evening.

'We have really rebuilt China, and it's time that we rebuild our own country now, ' Trump said.

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China on Friday announced retaliatory tariffs on $60 billion worth of USA goods ranging from liquefied natural gas (LNG) to some aircraft and warned of further measures, signalling that it won't back down in a protracted trade war with Washington.

China has now either imposed or proposed tariffs on US$110 billion in U.S. goods, representing the vast majority of China's annual imports of American products. But Bloomberg pointed out that US stocks have yet to regain strong January performances since the escalating trade war.

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.

The People's Daily editorial said the United States was "turning global trade into a zero-sum game" in the hope of forcing China to make a tremendous compromise. "Such methods of extreme blackmail will not bear fruit against China".

The US and China implemented tariffs on $34 billion worth of each others' goods in July. Last year, China imported about US$130 billion in goods from the United States.

China called for an end to the trade dispute through talks with the United States, but on May 29, the United States announced another round of tariffs on about $50 billion in Chinese goods.

The back-and-forth trade war has Republicans on Capitol Hill concerned about the affect the tariffs could have on their home states.

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