China’s Xi Jinping calls Trump a bully, says America shouldn’t be allowed to be as powerful as it is
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China’s President Xi Jinping told the world on Friday that Donald Trump is a “bully” and that America has no business being as powerful as it is. That came right after Trump’s White House slapped “reciprocal tariffs” on Chinese exports headed to the U.S. The Chinese government called the new U.S. tariffs a violation of trade laws and promised to retaliate by taxing all American imports coming into China starting next week in a translated government statement. President Xi Jinping. Source: Reuters A breakdown of China’s retaliatory tariffs Beijing said the U.S. action “seriously undermines China’s legitimate rights and interests” and labeled it “a typical unilateral bullying practice.” With approval from the State Council, China confirmed it will add a 34% tariff to every U.S. import arriving after April 10 at 12:01 a.m. The increase stacks on top of current tariffs and won’t be reduced or canceled under any of the country’s bonded or tax exemption programs, said China. The announcement cited several domestic laws, including the Tariff Law of the People’s Republic of China, Customs Law, and Foreign Trade Law, along with international legal principles. The response from markets was instant. Dow Jones Industrial Average futures dropped 900 points, a 2.2% loss. Futures tied to the S&P 500 fell 2.3%, and Nasdaq-100 futures dropped 2.6%. That was just the U.S. S&P 500 daily trading chart after hours. Source: TradingView Over in Europe, the damage spread. The Stoxx 600, which tracks major companies across the continent, was down 4.5% by mid-morning London time. The banking sector took the worst hit, falling 9.5% as investors dumped risky stocks. Premarket trading in U.S. banks showed a clear reaction to the news. Morgan Stanley lost 5%, Goldman Sachs fell 4.5%, and both Citigroup and JPMorgan Chase were down more than 4%. Wells Fargo…
Filed under: News - @ April 4, 2025 11:28 am