Trump: "We Are Not In A Trade War With China; That War Was Lost Many Years Ago..."

With US stock futures plunging toward their Wednesday lows following China's decision to strike back against the US by announcing 25% tariffs on on some $50 billion of US imports, including soybeans, airplanes, cars and chemicals, as the news revived fears of an escalating trade war.

But in a pair of tweets sent Wednesday, President Trump suggested that the market had it wrong. We aren't about to start a trade war with the Chinese, the president said. Rather, we've been fighting a losing battle for years.

"We are not in a trade war with China, that war was lost many years ago by the foolish, or incompetent, people who represented the US. Now we have a Trade Deficit of $500 Billion a year, with Intellectual Property Theft of another $300 Billion. We cannot let this continue!"

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