President Donald Trump on Friday defended his tariff policy as “doing really well,” even as China announced steep retaliatory tariffs of up to 125% on US goods. The move deepened global market jitters, sending US Treasury yields higher, the dollar tumbling, and stocks swinging wildly. Despite the economic turbulence, Trump claimed the policy was “very exciting for America and the World” on Truth Social.
The White House maintained that Trump is optimistic about a deal with China, noting that 15 countries have trade offers pending during a 90-day pause in US tariffs. However, Press Secretary Karoline Leavitt warned that “the president will punch back harder” if provoked.
Chinese President Xi Jinping struck a defiant tone, calling on the EU to resist “unilateral bullying practices.” Beijing’s new levies nearly match the 145% tariffs imposed by the US, prompting economists to warn of inflation, rising prices, and the threat of a global recession.
