China slapped 84% retaliatory tariffs on U.S. goods entering the communist country.
The move comes after President Donald Trump said tariffs on Chinese goods would increase to more than 100% starting at midnight.
According to the Office of the Tariff Commission of the State Council, the tariffs will go up from 34% to 84% on April 10.
“China urges the United States to immediately correct its wrong practices, eliminate all unilateral tariff measures against China, and properly resolve differences through equal dialogue with China on the basis of mutual respect,” wrote the office.
Treasury Secretary Scott Bessent responded:
“It’s unfortunate that the Chinese actually don’t want to come and negotiate because they are the worst offenders in the international trading system. I can tell you that this escalation is a LOSER for them.””They have some very smart economists, the academicians, technocrats within their bureaucracy and they would be telling the leadership that we do not have the edge here.””They are the surplus country. Their exports to the US are five times our exports to China, so they can raise their tariffs, but – so what?”
Trump needs to keep Bessent front and center of like everything. The man is intelligent and beyond smart. I have a crush on him.
Trump released many posts on Truth Social:
I’ll say it again: It’s a huge risk. Trump needs to cut red tape and regulations and offer tax breaks and incentives for these companies.
JPMorgan Chase Chairman and CEO Jamie Dimon said a recession will likely happen.
People, we’ve been in a recession for a long time.
You must follow Rudy. BTW, his last sentence is SARCASM.
CLICK HERE FOR FULL VERSION OF THIS STORY