Trump is confident in a U.S. win…
President Donald Trump hit TRUTH Social Wednesday morning to calm concerns over an escalating trade war with China; “BE COOL!” Trump posted. “Everything is going to work out well. The USA will be bigger and better than ever before!”
“THIS IS A GREAT TIME TO BUY!!” Trump added in a follow-up post.
Trump’s comments come as China announced it would raise its previously announced 34% tariff to match Trump’s levy. China has said it will “fight to the end” in its trade war with the U.S.
“If the US insists on further escalating its economic and trade restrictions, China has the firm will and abundant means to take necessary countermeasures and fight to the end,” the Ministry of Commerce said in a lengthy policy statement.
From The New York Post:
Trump has signaled an openness to brokering trade deals to roll back tariffs — with Israeli Prime Minister Benjamin Netanyahu, who faces a 17% rate, visiting the White House Monday to pledge to eliminate his country’s trade surplus with the US and end all tariffs and non-tariff barriers.
The leaders of Japan, which faces a 24% tariff, and South Korea, which faces a 25% rate, have spoken with Trump and made similar vows to break down barriers to US goods — after Trump railed against their protectionist policies on American vehicles and agriculture.
Treasury Secretary Scott Bessent said Wednesday morning that about 70 countries have reached out to start trade talks — and that China is a standout in retaliating with high new tariffs of its own.
“It was a big mistake, this Chinese escalation,” Treasury Secretary Scott Bessent told CNBC.
“We are the deficit country. So what do we lose by the Chinese raising tariffs on us? We export one-fifth to them of what they export to us. So, that is a losing hand for them.”
Stocks were mixed Wednesday morning after the S&P 500 and Nasdaq lost more than 12% of their value and the Dow dropped more than 10% in the four trading days since Trump’s tariff announcement.
