Trump goads China after Beijing retaliates in global trade war

US President Donald Trump is defiant successful the look of plunging banal markets, saying his policies volition 'neer change'. Photo: Mandel NGAN / AFP
Source: AFP

President Donald Trump goaded a "panicked" China connected Friday aft the main US economical rival retaliated against his tariffs and helium dismissed banal marketplace panic implicit the increasing planetary commercialized war, touting the accidental to "get rich."

"China played it wrong, they panicked -- the 1 happening they cannot spend to do!" Trump posted connected Truth Social, penning the connection successful his trademark all-caps.

For a 2nd day, markets plunged, wiping immense sums disconnected concern and status portfolios alike.

Wall Street opened with steep selloffs, some the Dow Jones and S&P 500 losing adjacent to 3 percent. Frankfurt and London sank much than 4 percent, portion Tokyo's Nikkei closed 2.8 percent down.

Trump, who unveiled his barrage of import duties against countries each implicit the satellite connected Wednesday, was unrepentant, posting that "my policies volition ne'er change."

"This is simply a large clip to get rich, richer than ever before," helium wrote.

The 78-year-old Republican, who was spending a agelong play golfing astatine his people successful Palm Beach, Florida, is banking connected the mentation that the sheer mightiness of the world's biggest economy volition unit overseas companies to manufacture connected US soil, alternatively than proceed to import goods.

However, China responded toughly, announcing its ain caller 34 percent tariffs connected US imports starting April 10.

Beijing said it would writer the United States astatine the World Trade Organization and besides restrict export of uncommon world elements utilized successful high-end aesculapian and electronics technology.

Other large US trading partners person truthful acold held backmost arsenic they digest the unfolding planetary standoff and fears of recession.

Global markets are jittery arsenic the US and China deepen a commercialized war. Photo: Roslan RAHMAN / AFP
Source: AFP

EU commercialized main Maros Sefcovic was owed to talk with US counterparts connected Friday.

Sefcovic said the EU, which Trump deed with a 20 percent tariff, volition enactment successful "a calm, cautiously phased, unified way" and let clip for talks. However, helium besides warned the bloc "won't basal idly by, should we beryllium incapable to scope a just deal".

EU examines options

France's Economy Minister Eric Lombard and different EU leaders are formulating the bloc's effect to US tariffs. Photo: ALAIN JOCARD / AFP
Source: AFP

France and Germany person said the 27-nation EU could respond by imposing a taxation connected US tech companies.

Economy Minister Eric Lombard urged French companies to amusement "patriotism" aft President Emmanuel Macron argued it would nonstop the incorrect connection if they pressed up with investments successful the United States.

Lombard said the EU's retaliation would not needfully impact tit-for-tat tariffs and could usage different tools, pointing to information speech and taxation arsenic levers that could beryllium used.

"The effect tin beryllium precise strongб but we should not respond with precisely the aforesaid weapons the US utilized as, if we do, it tin besides person a antagonistic effect successful Europe," helium told quality web BFMTV.

In Tokyo, Prime Minister Shigeru Ishiba called for a "calm-headed" attack aft Trump slapped 24 percent tariffs connected Japanese-made goods.

Cars clash

Separate US tariffs of 25 percent connected each foreign-made cars besides went into effect this week, and Canada swiftly responded with a akin levy connected US imports.

Stellantis -- the proprietor of Jeep, Chrysler and Fiat -- paused accumulation astatine immoderate Canadian and Mexican assembly plants.

Japanese carmaker Nissan said connected Friday it would revise plans to trim accumulation successful the United States.

The institution besides said it would halt selling 2 conveyance models connected the US marketplace that are made astatine a mill successful Mexico.

Sweden's Volvo Cars, owned by China's Geely, said it would summation its accumulation of vehicles successful the United States and astir apt nutrient an further exemplary there.

Amid howls of protestation abroad, and adjacent from immoderate of Trump's Republicans who fearfulness terms rises astatine home, Commerce Secretary Howard Lutnick urged patience.

"Let Donald Trump tally the planetary economy. He knows what he's doing," Lutnick said connected CNN.

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Source: AFP