Trump is losing the trade war, according to his favourite measure

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His tweet Sunday comes after recent reports that China will impose tariffs on $60 billion of us products, escalating a potential trade war.

Beijing's latest salvo came after the Trump administration upped the ante in its plans for additional tariffs on Chinese goods worth $200 billion, suggesting the rate could be increased to 25 percent.

On March 1, President Donald Trump announced that the US would be slapping a 25 percent tariff on all steel imports and a 10 percent tariff on all aluminum imports.

Trump's tariffs target goods the White House says benefit from industrial policies that China's trading partners say violate its market-opening pledges.

Responding to the United States decision on Thursday, a spokesperson from Chinese Commerce Ministry said that China is "fully prepared to take countermeasures" against new USA tariff threats.

"China has to take necessary countermeasures to defend its dignity and the interests of its people."

Days later, Washington unveiled a list of another $200 billion in Chinese goods, from areas as varied as electrical machinery, leather goods and seafood, that would be hit with 10 percent import duties.

The commentary on the paper's front page went on to characterize as "wishful thinking" Trump's efforts to get other countries to cooperate with the United States against China and blasted the administration for turning worldwide trade into a "zero-sum game".

The two countries have already imposed £26bn ($34bn) worth of tariffs on each others' goods as the trade war ramped up in July.

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"President Trump inherited an unfair trade regime where American workers and American companies were not treated reciprocally or fairly by the Chinese, and the efforts of the Trump administration are to right that, to correct that", Pompeo told reporters on the sidelines of a regional forum in Singapore.

The Ministry of Finance said in a statement that the retaliatory measures were in response to the latest USA threat on July 11 to slap duties on United States dollars 200 billion worth of Chinese products, and to raise those tariffs from 10 to 25 per cent. No official reaction from the White House has been released after the news broke out.

FILE - A clerk counts Chinese yuan and US dollar banknotes at a branch of Bank of China in Taiyuan, China, Jan. 4, 2016.

China's new four-level tariff policy targets different U.S. products and industries, Liu Shangxi, head of the Chinese Academy of Fiscal Sciences, told China Daily. LNG's inclusion marks a deployment by Beijing of one of its last major weapons from its energy and commodities arsenal in its fight with Washington.

This prompted an imposition of taxes on Chinese steel and aluminium imports.

Chinese officials have suggested in recent weeks that if the United States proceeds with tariffs on a very wide range of Chinese goods, Beijing may also retaliate against the Chinese-owned operations of big USA companies.

Its response is to threaten retaliatory duties on 5,207 items originating in the United States, with tariffs ranging from 5% to 25%.

"Tariffs will make our country much richer than it is today", Trump said in another tweet.

China's biggest United States imports by value in 2017 were aircraft and related equipment, soybeans and autos.

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