New York US President Donald Trump has defended his tariffs against China, tweeting that they had brought Beijing to the negotiating table.
"Tariffs are working far better than anyone ever anticipated," Trump tweeted, citing losses in the Chinese market.
He predicted that the US market will "go up dramatically" after the "horrible Trade Deals" are successfully renegotiated.
The US has already imposed tariffs on Chinese goods worth $US34 billion (NZ$50 billion), with further tariffs on goods valued at $US16 billion expected to follow. China has already retaliated against some of these measures.
China said on Friday that it would respond to threatened tariffs from the US with countermeasures of its own, and released a list of approximately 5200 US products worth a total of $US60 billion (NZ$89 billion) that would be affected by customs duties of between five and 25 per cent.
But China is somewhat limited with the extent of what tit-for-tat trade measures are at its disposal, as it exports far more goods to the US than it imports.
The expanding trade conflict is showing its first signs on the Chinese economy, which has already been slowing down this year.
SHARE ME