Trump: "We are not in a trade war with China, that war was lost many years ago"

Though President Donald Trump's increased tariffs on Chinese imports have led many critics to say a trade war is imminent, President Trump disagrees.

"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 U.S. Now we have a Trade Deficit of $500 Billion a year, with Intellectual Property Theft of another $300 Billion. We cannot let this continue!" President Trump tweeted. "When you're already $500 Billion DOWN, you can't lose!"

President Trump has followed up his first round of tariffs on Chinese imports with other tariffs recently announced on Chinese imports related to the robotics, IT and aerospace industries.

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