Trump: US lost trade war with China years ago

US President Donald Trump said the United States lost its trade war with China many years ago.

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

Today China said it was taking the action on 106 US products in retaliation for Trump’s levying tariffs on $50 billion worth of Chinese goods.