Trump’s claims of winning trade war are ‘wishful thinking’: Chinese state newspaper

The US trade deficit climbed $3 billion to $46.3 billion in June, the first increase in four months, the US Commerce Department said on Friday, undermining Trump's claim that "tariffs are working big time" said the paper.

By: Reuters | Shanghai | Published: August 7, 2018 8:04:28 am

Trump's claims of winning trade war are 'wishful thinking': Chinese state newspaper

Trump has repeatedly criticised China for its trade deficit with the U.S., which he feels is a sign of unfair trade practices. (AP photo)

A Chinese state newspaper on Tuesday described as “wishful thinking” US President Donald Trump’s belief that a fall in Chinese stocks was a sign of his winning the trade war and an example of his “ability to elasticise the truth.”

The commentary in the official China Daily comes as rhetoric in state media, which is actively controlled by Beijing, has taken an increasingly aggressive stance against Trump, a shift from their previous approach, which mostly limited direct criticism to US policies.

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ASEAN focuses on trade 'pressure' as Trump ramps up tariff tensions

Donald Trump's move to ratchet up pressure on China by proposing higher tariffs on $200 billion worth of imports prompts more strong warnings from Beijing. And, as Laura Frykberg reports, ASEAN ministers meeting in Singapore are considering their options, amid calls from their hosts to 'maintain composure'.

On Monday, the Communist Party’s People’s Daily newspaper singled out Trump, saying he was starring in his own “street fighter-style deceitful drama of extortion and intimidation”.

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

The paper referred to a Saturday Tweet by Trump which said “Tariffs are working far better than anyone anticipated. China market has dropped 27 percent in last four months.”

China’s stock market was performing poorly before the administration’s tariff attack, said the China Daily, and is due in part to Beijing’s attempts to cut corporate debt.

The US trade deficit climbed $3 billion to $46.3 billion in June, the first increase in four months, the US Commerce Department said on Friday, undermining Trump’s claim that “tariffs are working big time” said the paper.

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

Despite the tariffs, China’s exports are expected to have grown in July, according to a Reuters poll of economists.