President Donald Trump has criticized China’s recent decision to impose a 34% tariff on all American imports, characterizing Beijing’s move as a panicked overreaction. In a post on his social media platform, Trump stated, “China played it wrong, they panicked—the one thing they cannot afford to do!”
This development follows the U.S. administration’s implementation of broad tariffs on Chinese goods, a move that has intensified the ongoing trade conflict between the two nations. China’s retaliatory measures include not only the substantial tariffs but also expanded export restrictions on rare earth elements and the blacklisting of 16 additional U.S. companies.
The financial markets have responded negatively to these escalating tensions. Major stock indices experienced significant declines, with the Nasdaq dropping nearly 5% and the Dow Jones falling approximately 1,600 points. Investors are increasingly concerned about the potential for a global recession, with JPMorgan raising the likelihood to 60%.
Despite the market turmoil, President Trump remains steadfast in his approach, asserting that his tariff policies are necessary to address longstanding trade imbalances and to bring manufacturing jobs back to the United States. He emphasized that his policies “will never change,” indicating a commitment to his current strategy despite the economic repercussions.
Also read: China announces additional 34% tariff on US goods in retaliation to President Trump’s tariffs
