Trump's China trade war pulls consumer tech into crossfire

US President Donald Trump holds a Make America Great Again rally in Olentangy Orange High School in Lewis Center Ohio

The tensions escalated when Robert Lighthizer, the US Trade Representative told the media on 2 August 2018 that Trump ordered the USTR's office to examine a possibility of putting a 25% tariff on Chinese imports worth $200 billion.

"China market has dropped 27 percent in the last four months".

State-run newspaper Global Times said the implementation date of China's proposed tariffs will be determined based on U.S. reaction, and "the trade war will then reach new heights", it warned.

Trump has repeatedly criticized China for its trade deficit with the United States, saying it showed Beijing was engaging in unfair trade practices.

According to China's Ministry of Finance, the import taxes would range in rates from 5% to 25%, and numerous total 5,207 affected products are agricultural related such as oats, starch and cocoa-added items. The government has responded by releasing more liquidity into the banking system, encouraging lending and promising a more "active" fiscal policy.

China's stock market was performing poorly before the US administration imposed tariffs, said the English-language newspaper, asserting that the downturn was partly due to Beijing's attempts to cut corporate debt.

If China goes forward with the decision nearly 90% of the USA's exports to China will be subjected to the tariff.

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McCarthy said that while China's proposed new tariffs appeared proportionate, "White House tweets claiming an upper hand for the US over the weekend risk another round of confidence sapping exchanges".

"Governing a country is not like doing business", the paper said, adding that Mr Trump's actions imperilled the national credibility of the US.

"Washington is playing double-faced tactics in the ongoing trade war", the official newspaper of the Chinese Communist Party said in its editorial.

On Friday, the People's Bank of China said it would require banks to keep reserves equivalent to 20 percent of their clients' foreign exchange forwards positions from Monday, in a move to stabilise the yuan.

On Saturday, the President posted on Twitter claiming the Chinese markets had taken a phenomenal fall.

The China Daily wrote in an editorial on Tuesday that Donald Trump has "an ability to elasticise the truth".

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