Featured Image Credit: SAUL LOEB/Getty
Topics: Donald Trump, China, US News, Money, Social Media
Emily Brown
Topics: Donald Trump, China, US News, Money, Social Media
Donald Trump has wasted no time in responding after China announced plans to impose 34 percent tariffs on imports of all US products from April 10.
China's announcement today (April 4) came after the POTUS declared tariffs against dozens of countries as part of what he dubbed 'Liberation Day' in the US on April 2.
The president announced that China would be subject to 54 percent tariffs on all imports into the US, but China quickly responded to make clear that it 'firmly opposes' the new measure.
China promised it would 'take countermeasures to safeguard its own rights and interests', leading to the 34 percent tariffs announced today.
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As well as the new tariff against the US, Beijing’s commerce ministry shared plans to impose more export controls on rare earth materials which can be used in tech products such as computer chips and electric vehicle batteries.
The country also revealed that it had filed a lawsuit with the World Trade Organization (WTO) over the tariffs, claiming they 'violate WTO rules'.
The Chinese commerce ministry said: “The United States’ imposition of so-called ‘reciprocal tariffs’ seriously violates WTO rules, seriously damages the legitimate rights and interests of WTO members, and seriously undermines the rules-based multilateral trading system and international economic and trade order.
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“It is a typical unilateral bullying practice that endangers the stability of the global economic and trade order. China firmly opposes this.”
In the wake of China's response, Trump has now taken to Truth Social to share his thoughts on the way the country has reacted to his tariffs.
"CHINA PLAYED IT WRONG," Trump claimed, adding: "THEY PANICKED - THE ONE THING THEY CANNOT AFFORD TO DO!"
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The tariffs confirmed today by China come after the country previously announced a 15 percent tariff on imports of coal and liquefied natural gas products from the US, and a 10 percent tariff on crude oil, agricultural machinery and large-engine cars.
Trump's response to China's latest tariff announcement came after a series of other posts in which he insisted the measures he's taking to help boost the economy in the US, including a $5 million 'Gold Card', are going to plan.
"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!!!," he wrote in one post after waking up today.
In another, he added: "GREAT JOB NUMBERS, FAR BETTER THAN EXPECTED. IT’S ALREADY WORKING. HANG TOUGH, WE CAN’T LOSE!!!"