Bianco Research President Jim Bianco discusses whether President Donald Trump’s tariffs impact the Federal Reserve on ‘Making Money.’
President Donald Trump called China the “biggest abuser of them all” when it comes to tariffs, adding in a Truth Social post Monday that Beijing is ignoring his warnings “not to retaliate.”
Trump made the remark after China’s foreign ministry accused the U.S. of “economic bullying” for imposing a new 34% tariff on the country last week. Bejing also announced its own 34% tariffs on the U.S.
“Oil prices are down, interest rates are down (the slow moving Fed should cut rates!), food prices are down, there is NO INFLATION, and the long time abused USA is bringing in Billions of Dollars a week from the abusing countries on Tariffs that are already in place,” Trump said Monday morning.
“This is despite the fact that the biggest abuser of them all, China, whose markets are crashing, just raised its Tariffs by 34%, on top of its long term ridiculously high Tariffs (Plus!), not acknowledging my warning for abusing countries not to retaliate,” he added. “They’ve made enough, for decades, taking advantage of the Good OL’ USA! Our past ‘leaders’ are to blame for allowing this, and so much else, to happen to our Country. MAKE AMERICA GREAT AGAIN!”
CHINA RETALIATES WITH 34% TARIFFS ON US IMPORTS
President Donald Trump, left, and Chinese President Xi Jinping. (Getty Images / Getty Images)
China’s foreign ministry over the weekend slammed the Trump administration’s latest tariffs.
“By taking such action, the United States defies the fundamental laws of economics and market principles, disregards the balanced outcomes achieved through multilateral trade negotiations, ignores the fact that the U.S. has long benefited substantially from international trade, and weaponizes tariffs to exert maximum pressure for selfish interests,” it said.
“This is a typical act of unilateralism, protectionism and economic bullying. Under the guise of ‘reciprocity’ and ‘fairness,’ the United States is playing a zero-sum game to pursue in essence ‘America First’ and ‘American exceptionalism.’” it continued. “It attempts to exploit tariffs to subvert the existing international economic and trade order, put U.S. interests above the common good of the international community, and advance U.S. hegemonic ambitions at the cost of the legitimate interests of all countries.
“Such action will inevitably face widespread opposition from the international community,” it warned.
CHINA HALTED TIKTOK DEAL WITH US OVER TARIFFS: REPORT
President Donald Trump holds up a chart of “reciprocal tariffs” while speaking during a “Make America Wealthy Again” trade announcement event at the White House on April 2 in Washington, D.C. (Chip Somodevilla/Getty Images / Getty Images)
China announced last week it would impose its own 34% tariffs on the U.S., which are set to go into effect Thursday, April 10.
“China played it wrong, they panicked – the one thing they cannot afford to do,” Trump wrote in response on Truth Social.
Its foreign ministry then said “China is an ancient civilization and a land of propriety and righteousness” and “the Chinese people value sincerity and good faith.
“We do not provoke trouble, nor are we intimidated by it. Pressuring and threatening are not the right way in dealing with China,” it added.
A commentary published Monday in The People’s Daily, the official newspaper of the China Communist Party, added that “the sky won’t fall” and “Faced with the indiscriminate punches of U.S. taxes, we know what we are doing and we have tools at our disposal,” according to the Associated Press.
China’s President Xi Jinping shakes hands with President Donald Trump before a bilateral meeting on the sidelines of the G20 Summit in Osaka, Japan, in June 2019. (Brendan Smialowski/AFP/Getty Images / Getty Images)
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An analyst at Teneo also noted that “The abandonment of restraint” in China’s response to the latest tariffs likely reflects “diminished hopes for a trade deal with the U.S., at least in the short term,” CNBC also reported.
