Buckle up!
According to a Fox Business report, China announced Friday it will impose 34% tariffs on the U.S., just days after President Donald Trump unveiled the same amount against Beijing under his reciprocal tariff plan.
The new China tariffs on the U.S. will take effect on April 10.
Chinese Foreign Ministry spokesperson Guo Jiakun said at a briefing in Beijing yesterday that “The U.S. announced tariff hikes on imports from many countries, including China, under the pretext of reciprocity” and that “This gravely violates World Trade Organization rules, and undermines the rules-based multilateral trading system.
“China firmly rejects this and will do what is necessary to defend our legitimate rights and interests,” he added. “We have emphasized more than once that trade and tariff wars have no winners. Protectionism leads nowhere. We urge the U.S. to stop doing the wrong thing, and resolve trade differences with China and other countries through consultation with equality, respect and mutual benefit.”
“We knew this was going to be a little bit bumpy in the beginning, but let’s understand what it’s about. It’s about fairness. It’s about America first, not America last,” Rep. Jeff Van Drew (R-NJ) told Fox Business Friday morning.
“We have been getting the short end of the stick for years and it’s important that Americans understand this. These are reciprocal tariffs. We have been tariffed. Our goods are tariffed. We are always at an unfair disadvantage with these countries so it’s going to be a little bumpy, they are going to cry, they are going to yell,” he continued. “I spoke to the president personally yesterday, he was telling me that already, countries are coming to him saying ‘lets work this out, we can make a fair deal, we can do better.’ We will. Everybody just hold on a little bit, be a little bit strong, Wall Street will come back. But this is also about Main Street, this is about making things in America.”
Trump shared the following message on TRUTH Social:
CHINA PLAYED IT WRONG, THEY PANICKED – THE ONE THING THEY CANNOT AFFORD TO DO!
The Dow Jones Industrial Average was down nearly 1,000 points shortly after the opening bell — a day after suffering a 1,679 drop, its worst session since the start of the COVID-19 pandemic in 2020.
The tech-heavy Nasdaq stumbled out of the gate by about 500 points, or 2.3%, while the broad-based S&P 500 was down 130 points, or 2.4%.
Trump described the implementation of the tariffs this week, likening the process to surgery and preparing Americans for a recovery process.
“THE OPERATION IS OVER! THE PATIENT LIVED, AND IS HEALING. THE PROGNOSIS IS THAT THE PATIENT WILL BE FAR STRONGER, BIGGER, BETTER, AND MORE RESILIENT THAN EVER BEFORE. MAKE AMERICA GREAT AGAIN!!!” Trump posted on TRUTH Social.
This story is developing…
China retaliates against Trump with 34% tariff on imports of all US products https://t.co/Py17d4QKJ7 pic.twitter.com/pOSSfKeyyD
— New York Post (@nypost) April 4, 2025
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