President Donald Trump on Wednesday called on companies to relocate to the United States “immediately” to avoid the brunt of escalating tariffs, as his trade war reached new heights with sweeping new duties.
“This is a GREAT time to move your COMPANY into the United States of America,” Trump posted on his Truth Social platform. He pointed to firms like Apple, claiming many are relocating “in record numbers” and promised “ZERO TARIFFS” and “no environmental delays”. He wrote, “DON’T WAIT, DO IT NOW!”
The plea came around the time China announced it would impose 84% tariffs on US goods starting Thursday, a dramatic increase from the previously announced 34%. The move is a direct response to Trump’s new round of “reciprocal” tariffs, which include 104% duties on Chinese products.
The European Union is also expected to unveil its own retaliatory measures. Trump’s aggressive tariff strategy, aimed at slashing US trade deficits, has shaken the decades-old foundations of international commerce.
Markets responded swiftly and sharply. Global stocks tumbled, US bond markets saw a massive selloff and fears grew that foreign investors are fleeing US assets. Commodities and emerging markets were also hit hard, with this week already bringing crisis-level volatility.
US Treasury Secretary Scott Bessent, speaking to Fox Business Network, downplayed China’s response. “They have the most imbalanced economy in the history of the modern world,” he said. “This escalation is a loser for them,” Bessent added.
Still, with trillions of dollars in market value already wiped out, investors are bracing for more turbulence as trade tensions continue to escalate with no clear end in sight.