Trump responds to China's retaliatory tariffs
Responding to retaliatory tariffs from China, Mr. Trump said that China "paniced and acted wrongly."
According to RIA Novosti, US President Donald Trump said on April 4 that China "played the wrong game" and "paniced" when China imposed retaliatory tariffs.
"China played the wrong game, they panicked, and they can't let that happen," President Trump wrote on the social network Truth Social.
Earlier on April 4, China's State Council announced the application of an additional 34% tariff on all goods from the US. The resolution took effect on April 10. This decision by the Chinese regulatory agency is a response to similar actions by the US government.
The US has imposed a 25% tariff on imports from Mexico and Canada. Similar measures have been applied to products from China, raising the tariff rate by an additional 20%. Washington says such measures are aimed at combating illegal immigration and the supply of fentanyl.
Shortly after the US President announced new tariffs globally, the United Nations Conference on Trade and Development (UNCTAD) said in a statement that the global trading system is entering a critical phase, facing threats to growth, investment and development.
"With major economies on the brink of imposing disruptive new tariffs, UNCTAD warns that the global trading system is entering a critical phase that threatens growth, investment and development, especially for the most vulnerable economies," the document said.
