 "‘My policies will never change’: Trump stands firm in trade war as China escalates tariffs on US goods")
Hours after China retaliated with tariffs on US goods, US President Donald Trump on Friday doubled down on on his trade war, saying that his policies will “never change” and claimed “this is a great time to get rich”.
Taking to Truth Social platform on Friday, Trump said, “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!!!”
“GREAT JOB NUMBERS, FAR BETTER THAN EXPECTED. IT’S ALREADY WORKING. HANG TOUGH, WE CAN’T LOSE!!!” he added.
Reacting to China’s retaliatory move on US goods, Trump said that China had “played it wrong”.
“CHINA PLAYED IT WRONG, THEY PANICKED - THE ONE THING THEY CANNOT AFFORD TO DO!” he said.
Earlier in the day China announced additional tariffs of 34% on US goods, the most serious escalation in a trade war that has fed fears of a recession and triggered a global stock market rout.
China made the retaliatory move two days after Trump imposed the same tariff on all Chinese imports, bringing the total US tariff on Chinese goods to at least 54%.
Impact Shorts
More ShortsIn the standoff between the world’s top two economies, Beijing also announced controls on exports of some rare earths.
China added 11 US bodies to the “unreliable entity” list, which allows Beijing to take punitive actions against foreign entities, including firms linked to arms sales to democratically governed Taiwan, which China claims as part of its territory.
Other impacted countries like Canada have also readied retaliation in a mounting trade war after Trump raised US tariff barriers to their highest level in more than a century, leading to a plunge in world financial markets.
Investment bank JP Morgan said it now sees a 60% chance of the global economy entering recession by year end, up from 40% previously.
With inputs from agencies
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