Donald Trump has sent stock markets around the world tumbling as his sweeping – and bizarre – tariffs continue to wipe out confidence in the American economy
Donald Trump has threatened to slap China with new 50 per cent tariffs unless Beijing halts its retaliatory measures set to hit US exports.
The Republican shattered any hint he was prepared to yield from his position on tariffs, claiming on his social media platform Truth Social he was even prepared to escalate the cross-Pacific trade war. Mr Trump today said China had until tomorrow to row back from its 34 per cent tariffs that were issued to “reciprocal” tariffs he unveiled in Washington DC last week. He also said any planned talks with Beijing officials would be cancelled unless they complied with his steep demand.
“Yesterday, China issued Retaliatory Tariffs of 34 per cent, on top of their already record setting tariffs, non-monetary tariffs, illegal subsidization of companies, and massive long term currency manipulation, despite my warning that any country that retaliates against the U.S. by issuing additional tariffs, above and beyond their already existing long term tariff abuse of our nation, will be immediately met with new and substantially higher tariffs, over and above those initially set,” he said.
“Therefore, if China does not withdraw its 34 per cent increase above their already long term trading abuses by tomorrow, April 8th, 2025, the United States will impose additional tariffs on China of 50 per cent, effective April 9th,” he continued. “Additionally, all talks with China concerning their requested meetings with us will be terminated. Negotiations with other countries, which have also requested meetings, will begin taking place immediately. Thank you for your attention to this matter.”
Mr Trump’s sweeping tariffs sent stock markets plummeting around the globe entering bear market territory – a term for when stocks fall 20 per cent from a recent peak. Once vocal supporters of the US President have now started to voice opposition to the tariffs, with American hedge fund manager Bill Ackman among them.
Taking to X, Mr Ackman shared that “business is a confidence game and confidence depends on trust”. He explained that “by placing massive and disproportionate tariffs on our friends and our enemies alike and thereby launching a global economic war against the whole world at once, [the US is] in the process of destroying confidence in our country as a trading partner, as a place to do business, and as a market to invest capital.”
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