'Not in a trade war with China,' says Trump

President Donald Trump on Wednesday said the United States is not in a trade war with China, as both sides shake global markets with tit-for-tat actions.

"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," Trump said in a morning tweet.

"Now we have a Trade Deficit of $500 Billion a year, with Intellectual Property Theft of another $300 Billion. We cannot let this continue!"

Add WION as a Preferred Source

Trump said the UScannot let its trade deficit with China continue.

The comments come after China unveiled plans to slap major US exports worth $50 billion -- including soybeans, cars and small airplanes -- with retaliatory tariffs.

The Chinese action was, in turn, in response to the Trump administration's own $50-billion list of Chinese products that face US tariffs over Beijing's alleged theft of intellectual property and technology.

The effective start date for China's new tariffs will be revealed later, although China's Ministry of Commerce said the charges are designed to target up to $50 billion in USproducts annually. The 25 percent levy on USimports includes products such as soybeans, cars and whiskey, Beijing said.

The last month has seen the mercurial Republican leader rattle markets in announcing punishing new tariffs on exports from major trading partners, against warnings from industry groups and members of his own party.