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Every country on earth wants to take wealth out of the US, always to our detriment.

The White House has imposed a 25 percent tariff on $50 billion worth of Chinese goods containing "industrially significant technologies" in an escalating, tit-for-tat conflict between the world's two largest economies. Data for May was revised slightly to show the trade deficit falling to $43.2 billion, instead of the previously reported $43.1 billion.

Retaliatory tariffs were necessary, China says, to "defend the dignity of the country and interests of its people" as well as "the mutual interest of all the countries in the world".

Beijing has insisted its measures are "rational" and warned the USA its tactics would not work.

Representatives for the White House and the US Commerce Department did not immediately reply to a request for comment on China's retaliatory move.

Mr Trump is aiming to reduce his country's $375.6 billion trade deficit in goods - the gap between imports and exports - with China.

On Saturday, President Donald Trump praised his tariff plan and insisted, "steelworkers are working again, and big dollars are flowing into our Treasury".

The latest Chinese response included proposed tariffs on liquefied natural gas (LNG). And U.S. pork and recycled aluminum was hit with a 25 percent tariff.

China has now imposed or proposed tariffs on £85bn ($110bn) in U.S. goods.

Trump cited losses in China's stock market as he predicted the USA market could "go up dramatically" once trade deals were renegotiated.

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A first round of tariffs came into effect on 6 July, when the United States imposed 25% taxes on $34bn of Chinese imports.

China plans to impose a 25% tariff on imports of US-manufactured solar cells - but the world's biggest manufacture of solar cells now imports few of the cells used to make panels that generate power.

The latest issue from the global edition of the ruling Communist Party's People's Daily newspaper called out Trump, stating that he was starring in his very own "street fighter-style deceitful drama of extortion and intimidation".

The trade war, rising corporate bankruptcies, and a steep decline in the value of the yuan versus the dollar have raised concerns that China's economy could face a steeper slowdown.

Three rounds of trade negotiations between senior US and Chinese officials earlier this year centered on USA demands for China to make structural changes to its economy and to reduce its trade surplus with America.

"My objective was quite straightforward: I think I need to inform him that we are very concerned", said Saifuddin.

"We've said many times: no tariffs, no tariff barriers, no subsidies".

Chinese officials are trying to reassure markets and the local population that the USA moves would have little impact.

This could drive US importers to stop bringing in certain goods because they are too costly, hurting the foreign manufacturers, but those foreign companies do not pay the tariffs, and neither do the foreign countries where those companies are based.