Trump trade war a ‘symptom of paranoid delusions’ - Chinese media

US President Donald Trump speaks with the press | Mandel Ngan  AFP via Getty Images

US President Donald Trump speaks with the press | Mandel Ngan AFP via Getty Images

Mr Trump hit the EU, Canada and Mexico with tariffs of 25 per cent on steel and 10 per cent on aluminium at the start of this month, ending exemptions that had been in place since March.

So even if the U.S. and China are having this battle, trade diversion means what may happen is that many of their market groups will be dumped on other markets to ensure that they don't overconsume or overproduce.

The EU has also filed a case contesting the legality of the USA tariffs with the World Trade Organization.

The European Union on Friday is to slap tariffs on $US3.4 billion in American products, from whiskey and motorcycles to peanuts and cranberries.

Canada has announced it will impose retaliatory tariffs on C$16.6 billion (RM50 billion) worth of United States exports from July 1.

The imposition of tariffs has raised the specter of a full-blown trade war, which could be costly to consumers, jobs and the global economy.

Juncker said on Thursday that the USA decision to impose tariffs "goes against all logic and history".

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India raised tariffs on a slew of items in retaliation for the U.S. imposing higher levies on some products shipped from the South Asian nation, echoing steps taken by China, the European Union and other trading partners. India and Turkey have already targeted United States products, ranging from rice to autos to sunscreen.

Late last month, Trump proceeded to infuriate US allies - from the European Union to Canada and Mexico by imposing tariffs of 25 percent on imported steel and 10 percent on aluminum. "Excluding agricultural products (generally more highly protected), the US tariffs are similar to those from Canada and the European Union, and higher than in Japan".

President Trump won't allow China to prey on USA technology any longer, White House National Trade Council Director Peter Navarro told FOX Business on Wednesday.

The EU put some 180 types of products on its tariffs list, from agricultural products like orange and cranberry juice to steel and aluminium items to manufactured goods, such as makeup, clothes, and boats.

As painful as the brewing trade war could prove, many have seen it coming.

Trump recently approved heavy tariffs on $50 billion of Chinese imports. Trump said he would then retaliate against any counterpunch from Beijing by targeting an additional $200 billion in Chinese products, and then yet another $200 billion if China refused to back down.

The commission formally adopted the new tariffs, allowing them to come into effect on June 22.

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