Donald Trump on tariff war: ‘Markets of biggest abuser China are crashing’

US President Donald Trump on Monday boasted the success of tariffs on its “biggest abuser,” China, claiming that Chinese markets have been crashing since the imposition of duties on US imports.

US President Donald Trump on Monday claimed that America was bringing in “billions of dollars” and that prices of oil, food and other amenities had reduced(REUTERS)

In a post on TruthSocial, Trump said, “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.”

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He added, “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. They’ve made enough, for decades, taking advantage of the Good OL’ USA!”

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Trump also blamed past leaders for allowing America to be “abused” by other countries. Previously, he had lashed out at former President Joe Biden, accusing him of letting the US face a financial deficit with China, the European Union and other countries.

China’s retaliatory tariffs

China has also imposed 34 per cent tariffs on the US, in retaliation for 54 per cent duties levied on them.

The Communist Party’s mouthpiece, The People’s Daily, expressed confidence in China’s ability to survive the high tariff rate imposed by the US, even as markets in Beijing and Shanghai plummeted.

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“The sky won’t fall. Faced with the indiscriminate punches of US taxes, we know what we are doing, and we have tools at our disposal,” it said on Monday.

Chinese government officials, have also met 20 American companies, including Elon Musk’s Tesla, in a meeting over the weekend, reported Reuters, and called for them to take concrete action to ensure the stability of the global supply chain.

China’s foreign affairs spokesperson has also slammed the US for their abusive tariffs, stating that it amounts to “economic bullying, unilateralism, and protectionism.”