Donald Trump says ‘China played it wrong’ after Beijing announces retaliatory tariffs | India News
Hours after China announced retaliatory tariffs of 34% on US imports, President Donald Trump lashed out claiming Beijing “played it wrong”.
“CHINA PLAYED IT WRONG, THEY PANICKED – THE ONE THING THEY CANNOT AFFORD TO DO!” Trump wrote in all caps on his social media platform, doubling down on his trade war stance.
Beijing also revealed further restrictions on rare earth exports, vital for high-tech industries such as battery and electric vehicle manufacturing. Additionally, 16 more US companies and organisations have been added to its export control l, barring Chinese firms from doing business with them.
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The move comes after the US slapped a 10% tariff on all imports, with extra levies on select countries, including China. Beijing condemned the move as a violation of international trade rules and accused Washington of “unilateral bullying.”
The announcement from China, signalled a major escalation of a trade war between the world’s two largest economies resulting in US stock futures tumbling on Friday.
In London, the FTSE 100 has shed 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 fallen 4.4%.
Brent crude oil prices have plunged 6.6% to $65.50 per barrel, the lowest level since August 2021.
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