President Donald Trump threatened that nations that don't make 'fair' deals withe U
S.with getting 'Tariffed' – as he prepared to slap trade rival China with $200 billion in trade tariffs
Trump issued the threat after reaching a new trade deal with Mexico, getting in a stand-off with Canada, and engaging in escalating rhetoric with China
'Tariffs have put the U.S.in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country - and yet cost increases have thus far been almost unnoticeable
If countries will not make fair deals with us, they will be 'Tariffed!' China has been pushing back against the threat
'We have always maintained that the only correct means to resolve the trade dispute is through dialogue and consultation on an equal basis with mutual trust and respect,' responded China's foreign ministry spokesman Geng Shuang
The tough talk and fear of more tariffs and retaliation rattled investors and sent indexes dropping
The pan-European STOXX 600 index fell as much as 0.2percent, and Germany's DAX dropped half a percent, Reuters reported, while France's CAC 40 and Britain's FTSE 100 each fell 0
3percent.The drop came after a strong week for European stocks last week.Markets were also weak across Asia
Trump also proclaimed the U.S.steel industry the 'talk of the World.' 'Our Steel Industry is the talk of the World
It has been given new life, and is thriving.Billions of Dollars is being spent on new plants all around the country!' he wrote
U.S.steel production is over half what it was in the early and mid 1970s.The U.S.put out about 40 per cent of the world's steel after World War II, but the figures have steadily dropped in the years since
The tough talk follows reports China is deliberately reducing exports to the US by slowing down customs approvals and stepping up environmental and other inspections
So far in an ongoing trade war, China has matched new US tariffs on goods.An official Chinese newspaper called for more aggressive measures to 'make American pain worse' following tariff hikes by both sides on $50billion of each other's goods
Beijing is considering Washington's invitation last week to revive talks on their fight over Chinese technology policy and plans for state-led development of global champions in robotics and other fields
U.S.officials say those violate Beijing's market-opening commitments and worry they might erode US industrial leadership
Speaking Sunday at an economics forum, Lou Jiwei, a former finance minister and chairman of China's sovereign wealth fund, said Beijing should disrupt supply chains of American companies that rely on China's vast manufacturing industries, the website Sina
com reported.China's 'counterattack strategy needs to restrict exports to the United States as well as (imports of) U
S.goods,' Lou was paraphrased as saying.'Only knowing the pain of fighting will stop the war and cause (the United States) to negotiate seriously,' said Lou
Lou was finance minister through 2016 and serves as chairman of China's 1.9trillion yuan ($290 billion) National Social Security Fund, which manages assets of government pension plans
He is a former chairman of China's sovereign wealth fund, the China Investment Corp
The Chinese government said last week it welcomed Washington's proposal for more talks, though neither side has given any indication it is willing to compromise
Communist leaders see their industry plans as a path to prosperity and global influence
China wants talks based on 'mutual trust,' said a foreign ministry spokesman, Geng Shuang
He didn't answer directly when asked whether Beijing would back out if U.S.President Donald Trump goes ahead with a proposed tariff hike on $200 billion of Chinese goods
If an increase goes ahead, 'China will have to take necessary countermeasures,' said Geng at a regular daily briefing
Chinese authorities have yet to confirm what steps aside from retaliatory tariffs they might take
But they have threatened 'comprehensive measures' as Beijing runs out of imports for penalties due to its lopsided trade balance with the United States
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