‘The market has spoken’: China slams US tariffs as global selloff deepens

Trump specifically targeted China with an additional 34% tariff, raising total U.S. tariffs on Chinese goods to 54%.

China on Saturday hit out at the United States over its latest tariff escalation, saying “the market has spoken,” after U.S. stock indexes plunged for a second straight day. The Chinese Foreign Ministry urged Washington to de-escalate the trade war through “equal-footed consultation.”

According to a report by CNBC, Foreign Ministry spokesperson Guo Jiakun said in a Facebook post that the trade war “started by the U.S. against the world is unprovoked and unjustified.” He also shared an image referencing Friday’s sharp downturn on Wall Street.

U.S. markets tumbled on Friday, with the Dow Jones, S&P 500, and Nasdaq each falling over 5% amid mounting investor concerns about inflation, a potential recession, and a broader global slowdown.

The selloff was triggered in part by Beijing’s retaliation: a 34% tariff on all U.S. imports, set to take effect from April 10. The move came just two days after U.S. President Donald Trump rolled out sweeping new levies under a “reciprocal tariff” policy, including a 10% duty on most countries and significantly higher tariffs on others.

Trump specifically targeted China with an additional 34% tariff, raising total U.S. tariffs on Chinese goods to 54%. Despite the market jitters, Trump defended his approach on Truth Social Friday, saying “big business” is not concerned and that his “policies will never change.”

China’s latest response has further heightened investor anxiety about the future of global trade and economic stability. CNBC reported that Guo reiterated calls for the U.S. to return to the negotiating table and resolve differences through dialogue rather than confrontation.