By Doug Mattushek - 21 August 2019Views : 460
US President Donald Trump is sticking by his decision to enter a trade war with China despite the economic impact.
The ongoing trade war between the two superpowers is entering its second year with no real signs of an end game. Under Trump, the US has imposed wide-ranging tariff increases on Chinese goods that have impacted the global economy.
"Somebody had to take China on," Trump told Reuters.
"This is something that had to be done. The only difference is I am doing it.
"China has been ripping this country off for 25 years, for longer than that and it's about time whether it's good for our country or bad for our country short term. Long term it's imperative that somebody does this."
The trade war has affected industrial output in China, which dipped to a 17-year low in July. The MSCI world equity index, responsible for tracking shares in 47 countries, has also been stagnant.
Despite the worrying numbers in global markets, Trump squashed fears of recession.
"We're far from recession," he added.