Donald Trump reacts to China’s retaliatory tariffs, says ‘they played it wrong’

Taking to social media platform Truth social, Trump said, “China played it wrong, they panicked- the one thing that they cannot afford to do”.

Also Read: China joins trade war, imposes 34% tariff on all US imports

China’s response to US tariffs

The reaction from Donald Trump comes as a latest development after China hit US with retaliatory tariffs at 34 percent on US products in a retaliation to Trump’s imposition of reciprocal tariffs on China at the same rate on Thursday. Beijing also announced further restriction to the supply of rare earth minerals to the US vital for key US industries such as battery and electric vehicle manufacturing.

China also added around 16 US companies and organizations to its export control list to prevent any Chinese firm from doing  business with these US firms. Additionally, Beijing also condemned the US move to put tariffs on it and other countries, calling it a violation of international trade rules, and accusing US for bullying countries unilaterally. These developments shows signs of major escalation of a trade war between the top two largest economies in the world.

Also Read: Trump’s Liberation Day speech: India slapped with 26% tariff on every item it sells to US

How the Global stock market reacted to Trump’s tariffs

The entire Global Stock market has witnessed a complete bloodbath, after Trump announced his tariff on Thursday. Wall Street reported it’s most brutal day since the Covid-19 era, S&P 500 witnessed a net loss of $2.4 trillion, with the retail and tech industries suffering the most from the fallout.

In London, the FTSE 100 also lost over 300 points since trading began, marking its steepest one-day drop since March 2023. The Stoxx 600 index, which tracks Europe’s largest 600 companies, has also fallen by 4.4%. In India the Sensex also dipped by over 900 points in light of Trumps recent tariffs on India.