'When you’re already $500 Billion DOWN, you can’t lose' tweets Trump following trade war developments

US President Donald Trump on Wednesday said the US is not in any kind of trade war with China as the war was lost many years back by the earlier ‘foolish and incompetent’ American leadership.

However, he stated that the current situation with China cannot be continued at any cost.

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!

— Donald J. Trump (@realDonaldTrump) April 4, 2018

"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!?  Trump tweeted.

When you’re already $500 Billion DOWN, you can’t lose!

— Donald J. Trump (@realDonaldTrump) April 4, 2018

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In the follow up tweet the US President said, "When you're already $500 Billion DOWN, you can't lose!"

Trump’s comment came as the world’s top two superpowers edged towards a trade war, following China’s rejection of US’ demands to cut down trade deficit by $100 billion and for announce plans worth $50 billion on 106 American products, including soybeans, small aircraft and cars.

China’s stern decision to impose new tariffs came after Trump’s administration on Tuesday published a list of around 1,300 Chinese exports worth $50 billion that could be hit by US tariffs because of Beijing’s alleged theft of technology and property.

China has already mounted tariffs on 128 US products, including pork and wine, totalling to $3 billion in retaliation to Trump’s move to impose tariffs on steel and aluminium.