US President Donald Trump on Friday said that his tariff policy was “doing really well” despite China hiking levies on US goods to 125 percent in spiraling disputes between the world’s two biggest economies.
Investors dumped US government bonds, the US dollar tumbled and stocks seesawed after Beijing’s retaliation against Trump deepened concerns about already traumatized global markets.
Trump sent financial markets into a tailspin by announcing sweeping import taxes on dozens of trade partners last week, only to abruptly roll them back to 10 percent on Wednesday for 90 days — while raising levies on goods from China.
Photo: AP
“We are doing really well on our tariff policy,” Trump said in a post on his Truth Social network after China announced its latest hike.
“Very exciting for America, and the World!!! It is moving along quickly,” he wrote.
The White House later said that Trump remained “optimistic” about a deal with China, and added that 15 other countries have offers “on the table” during his 90-day pause in their tariffs.
However, White House press secretary Karoline Leavitt said that “the president made it very clear, when the United States is punched he will punch back harder.”
The US and Beijing have been trading salvos of increasingly harsh tariffs since last week.
Chinese President Xi Jinping (習近平) gave his first major comments on the tensions on Friday, with Chinese state media quoting him as saying his country was “not afraid.”
Xi also said the EU and China should “jointly resist unilateral bullying practices” during talks with Spanish Prime Minister Pedro Sanchez.
Beijing announced after Xi’s comments that new tariffs of 125 percent on US goods would take effect yesterday — almost matching the 145 percent level imposed on Chinese goods coming into the US.
Trump reiterated on Thursday that he was looking to do a deal with Xi despite the mounting tensions.
“He’s been a friend of mine for a long period of time. I think that we’ll end up working out something that’s very good for both countries,” he told reporters.
However, US officials have made it clear they expect Xi to reach out first.
Meanwhile, yields on crucial US government bonds, which are normally seen as a financial refuge, were up again on Friday, indicating weaker demand as investors take fright.
Wall Street stocks finished higher on Friday, concluding a rollercoaster week on a positive note amid hopes that the market has absorbed the worst headlines about trade conflicts.
However, policymakers at the US Federal Reserve warned of higher inflation and slower growth ahead due to Trump’s tariff policy.
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