Trump Attacks Retaliation for China Tariffs, Says Policy Will Stay
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As the threat of a trade war further damaged the world economy, President Donald Trump denounced China for retaliating against his broad tariff proposal and declared that his economic views "will never change."
In reaction to his retaliatory tariffs, which increased charges on Chinese imports to at least 54%, Trump on Friday denounced China's decision to impose a 34% tax on all American goods. The tit-for-tat sparked concerns that his trade war might intensify and send the world economy into a recession.
Oil Prices Plunge as US-China Trade Tensions Escalate
Brent crude oil has dropped 6.6% to $65.50 per barrel, marking its lowest point since August 2021. The decline comes amid rising tensions between the US and China, fueled by a fresh round of tariffs.
Wang Wen, dean of Renmin University’s Chongyang Institute for Financial Studies, emphasized China’s stance, stating: “China will never give in to Trump, but it does not exclude cooperation based on mutual respect and win-win outcomes. Cooperation is not simply given—it must be earned.” He described China’s response as “restrained,” limited to trade measures.
However, other analysts see it differently.
Stephane Ekolo, market strategist at Tradition in London, told Reuters: “China is hitting back hard with an aggressive response to Trump’s tariffs. This is significant, and the market reaction reflects fears of an escalating ‘tit-for-tat’ trade war.”
Some had expected a deal before the April 9 deadline for new US tariffs. The Financial Times reported that Trump was using the threat of tariffs to pressure Beijing into forcing ByteDance to sell TikTok to a US company.
Shameen Prashantham, a professor at China Europe International Business School, warned of the broader implications: “This trade war is a major blow to global trade. I don’t see many winners here.”
China’s industry associations have unanimously condemned the US tariffs. The National Textile and Apparel Council voiced strong support for Beijing’s countermeasures, stating that the US has “damaged the resilience of the global textile industry’s supply chain.”
Fast fashion giants like Temu and Shein are expected to be among the hardest hit. Both companies capitalized on a loophole allowing goods under $800 to enter the US duty-free. That loophole will close on May 2 under Trump’s new rules, subjecting about 60% of duty-free imports from China to a 30% fee—or a flat $25 charge, rising to $50 in June.
Neither Temu nor Shein has commented on the policy shift.
In response to the tariffs, China has filed a lawsuit against the US with the World Trade Organization, setting the stage for a protracted economic showdown.
