Chinese media says U.S. has 'delusions' as impact of trade war spreads

Source: Reuters

BEIJING/SHANGHAI (Reuters) - U.S. protectionism is self-defeating and a “symptom of paranoid delusions” that must not distract China from its path to modernization, Chinese media said on Friday as Beijing kept up with its war of words with Washington while markets wilted.

President Donald Trump threatened on Monday to hit $200 billion of Chinese imports with 10 percent tariffs if China retaliates against his previous targeting of $50 billion in imports.

Investor fears of a full-blown trade war have weighed on markets, including Chinese shares, which posted their worst weekly loss since early February. Even ordinary Chinese people aired their unhappiness on social media.

China’s commerce ministry accused the United States on Thursday of being “capricious” over trade issues and warned that the interests of U.S. workers and farmers would ultimately be hurt, vowing to hit back with “quantitative” and “qualitative” measures.

Read more: https://www.reuters.com/article/us-usa-trade-china-delusion/chinese-media-says-u-s-has-delusions-as-impact-of-trade-war-spreads-idUSKBN1JI025?utm_medium=Social&utm_source=twitter