President Donald Trump believes the United States already lost the trade war with China.

“When you’re already $500 Billion DOWN, you can’t lose!” he wrote on Twitter on Wednesday morning.

Trump denied that the United States was fighting a trade war with China.

“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.,” he wrote.

The president’s remarks came after China announced its decision to add an additional 25 percent tariff on imports of 106 U.S. products.

Trump cited an unchecked trade deficit with China and the country’s theft of intellectual property as proof.

“Now we have a trade deficit of $500 billion a year, with intellectual property theft of another $300 billion,” Trump wrote. “We cannot let this continue!”

When you’re already $500 Billion DOWN, you can’t lose! — Donald J. Trump (@realDonaldTrump) April 4, 2018