President Donald Trump shot back at the Chinese regime after Beijing imposed retaliatory tariffs.
He later said that his policies would not be changed.
“To the many investors coming into the United States and investing massive amounts of money, my policies will never change. This is a great time to get rich, richer than ever before!” the president wrote.
The president attributed the solid employment data to his policies, which he says are “already working,” and urged the public to “hang tough; we can’t lose!”
The White House imposed 34 percent reciprocal levies on China, bringing the total tariff rate to 54 percent.
In response, China’s Finance Ministry announced that it will implement 34 percent tariffs on all imported U.S. goods beginning on April 10.
Beijing added 16 U.S. companies to its export control list and vowed to institute export controls on several types of rare-earth minerals.
In addition, it added 11 U.S. companies to its “unreliable entities list,” alleging that they violated market rules and contractual obligations.
China’s Ministry of Finance urged the United States to cancel its tariff measures and resolve trade differences through consultation.
Chinese officials followed through on an earlier threat by filing a formal complaint with the World Trade Organization against the U.S. tariffs, saying the U.S. administration’s latest import duties violate the international organization’s rules.
Trump has signaled that he could be willing to negotiate with U.S. trading partners over tariffs.
“It depends if somebody said that we’re going to give you something that’s so phenomenal, as long as they’re giving us something that’s good,” Trump told reporters traveling with him to Florida.
An increasing number of countries, such as Canada and the European Union, have vowed to retaliate against Trump’s baseline 10 percent levies and higher reciprocal tariffs.
The latest developments in the U.S.–China trade saga come as global financial markets have been impacted amid the sweeping tariff announcements by the United States on foreign goods.
Tit-for-tat tariffs will impact the U.S.-China trade relationship worth nearly $600 billion in goods, according to 2024 data from the U.S. Trade Representative’s Office.
Since the president’s tariff announcements at the April 2 Make America Wealthy Again event, U.S. stocks have cratered, with the Dow Jones crashing nearly 7 percent this week and approaching correction territory of 10 percent.
Asian markets have also tanked as the Hang Seng Index tumbled more than 350 points and the Nikkei 225 plunged nearly 1,000 points.
The Shanghai Composite Index held steady, dipping 0.24 percent.
