Chinese newspaper mocks Trump's claim of winning trade war as 'wishful thinking'

Tampa Bay Buccaneers fullback Jorvorskie Lane wears Beats headphones before an NFL football game against the Washi

"China market has dropped 27 percent in the last four months".

China proposed retaliatory tariffs on $60 billion worth of US goods ranging from liquefied natural gas (LNG) to some aircraft on Friday, following the Trump administration's plan for a higher 25 percent tariff on $200 billion worth of Chinese imports.

China responded on 3 August with a threat to slap USA's exports to China worth $60 billion with a tariff ranging from 5% to 25%.

USA companies are putting in place measures to cushion the impact of the trade row, including price hikes, and a number of companies - from industrial firms to home furnishers and toymakers - have said they will move some sourcing and manufacturing outside of China.

The newspaper argued that the tariffs were not effective, noting that the Chinese stock market had been suffering before the tariffs and that the US trade deficit had increased by $3 billion in June.

Despite the harsh tariffs, China's exports are thought to have grown last month.

Trump Claims Tariffs Are 'Working Big Time,' But Can't Back Up His Claims

Trump has repeatedly criticized China for its trade deficit with the United States, saying it showed Beijing was engaging in unfair trade practices.

Michael McCarthy, Sydney-based chief market strategist at CMC Markets and Stockbroking, wrote in a note that any "further rhetorical exchanges" could curb investor enthusiasm.

"Washington is playing double-faced tactics in the ongoing trade war", the official newspaper of the Chinese Communist Party said in its editorial.

"China's recent counter-response is a restrained one, and the country is reserving the right and its ability to announce more against the usa", added the paper, noting the country's countermeasures aim to "minimize the detrimental impact on domestic production and living standards". If Trump moves forward with this war.

"Leading China's economy on a stable and far-reaching path, we have confidence and determination", another commentary in the main edition of the People's Daily said.

This statement was made in the Beijing-controlled China Daily after Trump posted on Twitter that the Chinese market had taken a phenomenal fall. "Time will prove that the USA eventually makes a fool of itself", the Global Times said.

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