'Market has spoken': China reacts to stocks slump after Trump’s tariffs

China called on Washington for "equal-footed consultation" after global markets crashed in response to the trade tariffs.

The state news agency Xinhua published the Chinese government’s position, stating that the US must "stop using tariffs as a weapon to suppress China's economy and trade."

"The market has spoken," said Chinese foreign ministry spokesperson, Guo Jiakun, in a post on Facebook.

He also shared a photo documenting the decline on US stock exchanges, which was recorded on Friday, April 4.

Notably, Trump imposed an additional 34% tariff on Chinese goods as part of the sharp duties levied on most of the US's trading partners, increasing the overall tariffs on China to 54%.

Trump also closed a trade loophole that allowed small shipments from China to enter the US without tariffs.

Trump's new tariffs

Recently, US President Donald Trump imposed global tariffs on many countries worldwide. This move shook the global economy, as tariffs on various countries range from 10% to 50%.

Bloomberg reported that one day after the tariffs were introduced, the wealthiest people on the planet had already lost $208 billion.

Some countries have already announced countermeasures in response. For example, China itself has imposed a 34% tariff on US goods.

Trump's tariff program also affected Ukraine, as a universal 10% tariff was imposed on goods from Kyiv.

Donald Trump stated that he is open to considering a reduction in import tariffs for other countries if a "phenomenal" offer is made.

For more details on Trump's trade war and its potential consequences, read RBC-Ukraine's article.