> China on Friday warned it was ready with a quote, fierce counterstrike to U.S. President Donald Trump's threat. To slap $100 billion more in tariffs on Chinese imports. raising the stakes in an already heated dispute between the world's two biggest economies.>> The Chinese and the U.S. economies have been deeply interrelated with both side's interest highly intertwined
>> U.S. has picked the wrong target in hitting China with trade sanctions.>> Reuters trade corrispondent David Lauder.>> So right now, we're at a stage of a lot of threats. Now, what that's doing is that's having an effect on markets. You are seeing agricultural commodity prices in the United States lower
>> Because of the threat and tariffs on beef and soy beans and the like. It's difficult to say when this goes from a stage of being a series of threats and disputes to being an actual war. One thing to keep in mind is that these tariffs are not yet effective.
They are not in place yet.>> Trump on Friday shrugged off fears of a trade war telling a New York radio show it's a war the US already lost years ago. Echoing a tweet of his from earlier in the week. On Friday he tweeted, China is considered a developing nation within the World Trade Organization.
They therefore get tremendous perks and advantages, especially over the U.S. Does anybody think this is fair? The president's latest tariff proposal doubles down on his initial $50 billion plan from last week. And comes after China, on Tuesday, matched that trade threat. Trump has taken aim at some 1300 Chinese imports, mostly technology related.
The President claiming China, quote, has repeatedly engaged in practices to unfairly obtain America's intellectual property. Wall Street has been rocked in recent days with investors anxious that a trade war with China could crush the global economy.