President Trump on Wednesday denied that the U.S. is in a trade war with China, but he said the laws need to change.

“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!” Mr. Trump tweeted.

Mr. Trump announced an increase in steel and aluminum tariffs a few weeks ago, and another 25 percent tariff on $50 billion worth of exports to China. The Chinese responded with a similar increase on U.S. exports.

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