After China’s retaliatory tariffs, US President Donald Trump sought to reassure investors amid a second day of global market turmoil triggered by escalating trade tensions. Addressing what he described as a surge of investment into the US, Trump declared that his economic policies would remain unchanged despite the market selloff.
“To the many investors coming into the United States and investing massive amounts of money — my policies will NEVER change,” he wrote in all caps on his social media platform. “This is a great time to get rich, richer than ever before!!!”
Trump added, “China played it wrong, they panicked – the one thing they cannot afford to do!.”
China imposes tariffs of 34% on all US goods
China’s finance ministry said on Friday it will impose additional tariffs of 34% on all US goods from April 10 as a countermeasure to sweeping tariffs imposed by US President Donald Trump. Also China is adding 16 US entities to export control list.
China has added 16 US entities—including High Point Aerotechnologies, Universal Logistics Holdings, and Source Intelligence—to its export control list. The export of dual-use items to these companies is now prohibited, and any ongoing related export activities must be immediately suspended, according to the official announcement.
On April 2, 2025, the US government announced a new wave of “equivalent tariffs” on Chinese exports, citing national security concerns under Section 232. The move, widely seen as a unilateral protectionist measure, drew immediate backlash from Beijing, which accused Washington of disregarding international trade norms and undermining fair competition.
China condemned Washington’s move to impose an additional 34% in reciprocal tariffs on China—raising the total US tariffs on Chinese goods to 54%—as a clear violation of international trade norms.
In response, China announced that it will impose additional tariffs on certain US imports starting at 12:01 a.m. on April 10, 2025. The decision was made in accordance with China’s Customs Law, Foreign Trade Law, and relevant international legal principles, with approval from the State Council. The State Council Tariff Commission outlined the retaliatory measures in an official statement.
China says Section 232-based tariffs ‘outdated and illegitimate’
He Yadong, spokesperson for China’s Ministry of Commerce, condemned the US action, calling the Section 232-based tariffs outdated and illegitimate. He pointed out that the World Trade Organization has already ruled such measures as violations of global trade rules. He criticized the U.S. for reviving a six-year-old auto industry investigation as justification for imposing tariffs, branding it as trade protectionism in the name of national security.
He warned that disrupting the global automotive supply chain would harm—not help—U.S. industry, stressing that such actions only highlight the United States’ growing unilateralism and economic “bullyism.” The spokesperson added that severing cross-border production ties would ultimately backfire on the U.S., undermining its own economic interests while damaging international cooperation.