Markets around the world jittered ahead of the Wednesday morning bell, with the Chinese yuan hovering just above the lowest level seen since 2007 – as Beijing’s currency depreciated further
Trump is refusing to back down despite his tariffs sending the markets into freefall – obnoxiously announcing “I know what the hell I’m doing!”. While the president may think he’s in control, the rest of the world – including the markets – is nervous after he announced increased tariffs of 104 per cent on all Chinese goods on Tuesday.
Ahead of trading Wednesday, China’s Yuan plummeted to the lowest level seen since 2007 after Trump responded to Beijing’s retaliatory 34 per cent tariff with an additional 50 per cent tariff, raising the total tariff to 104 per cent. On Tuesday night, the president launched a defiant diatribe at the National Republican Congressional Committee dinner in Washington.
He belligerently proclaimed: “These countries are calling me up, kissing my ass…they are dying to make a deal… They are, they are dying to make a deal. Please, please, sir, make a deal. I’ll do anything. I know what the hell I’m doing. I know what I’m doing, and you know what I’m doing too,” he said.
READ MORE: Donald Trump insists ‘China wants deal badly and it will happen’ in social media rant
“I’m the only one that would have done the tariffs, because everybody was afraid. They were afraid of being criticised.” Karoline Leavitt, the White House press secretary, confirmed the president’s claims, revealing that almost 70 countries had approached the administration for talks.
Elon Musk took a rare shot at Trump’s tariff advisor, economist Peter Navarro, calling him “dumber than a sack of bricks”. Many people have questioned Mr Navarro’s tariff policy after his book, Death by China – which got him the White House job – was criticised.
Leavitt said that Trump believes “China wants to make a deal with the US” as she confirmed that 70 countries had also reached out – and that the US will welcome hearing from more. If China comes to the table, the president would be gracious but firm, she added.
While addressing his allies yesterday, people took to social media over his wild claims, saying that he was “lying to the faces” of his Republican colleagues. On X, @cmos_eisley said: “No, seriously, how is there no one to tell him this isn’t how it works at all. He keeps repeating the same incorrect thing and it’s absolutely maddening.”
Another said: “How can Republican Congressman sit there and know he is lying straight to their faces and be okay with that while markets are crashing and their constituents are in danger of losing their jobs due to a recession caused by this liar. China will pay $0 of the tariffs. Zero.”
Speaking to MPs on Parliament’s Liaison Committee on Tuesday, Prime Minister Sir Keir Starmer expressed caution about making any knee-jerk reactions. He said: “My instinct is that we shouldn’t jump in with both feet to retaliate. So in that sense, I’m not changing my plans.
“Obviously we have to keep our options on the table and do the preparatory work for retaliation if necessary. But I think that trying to negotiate an arrangement which mitigates the tariffs is better.”