President Donald Trump’s plan to reorganize the global economy is coming into focus after China announces retaliatory tariffs while other countries seek trade deals with the president.
Authorities in Beijing said a new 34% tariff on imports from the U.S. would begin on April 10 after Trump announced his reciprocal tariff on Chinese products. Trump responded by mocking China in a post on Truth Social Friday morning.
‘THE PATIENT WILL BE FAR STRONGER, BIGGER, BETTER, AND MORE RESILIENT THAN EVER BEFORE.’
“CHINA PLAYED IT WRONG, THEY PANICKED – THE ONE THING THEY CANNOT AFFORD TO DO!” he replied.
Other countries have responded by seeking a deal with Trump on trade. The president said that Vietnamese officials had agreed to do away with all tariffs, which is what Trump was seeking.
“Just had a very productive call with To Lam, General Secretary of the Communist Party of Vietnam, who told me that Vietnam wants to cut their Tariffs down to ZERO if they are able to make an agreement with the U.S.,” he wrote.
The United Kingdom responded by drawing up a list of possible U.S. imports to be hit with retaliatory tariffs if the U.K. was unable to reach a deal with Trump by May 1. Business Secretary Jonathan Reynolds told reporters the country “reserves the right to take any action we deem necessary if a deal is not secured.”
Japanese Prime Minister Shigeru Ishiba told reporters he was very disappointed that the U.S. did not grant Japan an exemption from tariffs. He would not say if Japan was considering retaliatory tariffs but added that the country’s reaction would be “careful but bold.”
Israel has announced that it would be lifting all tariffs on the U.S. to “further strengthen the alliance” between the two nations.
India also reportedly considered dropping all tariffs, though the prime minister did not mention any plan during a recent speech.
Mexican President Claudia Sheinbaum has been very critical of the tariff plan and warned that both the U.S. and Mexico would lose jobs and prices would increase under Trump’s policies. She has since said Mexico will not respond with equally retaliatory tariffs but hasn’t ruled out some tariff response.
The stock market has been decidedly negative on the tariff plan — the ongoing crash has led to a loss of more than $9.6 trillion in market value since Trump was inaugurated.
On Thursday, Trump posted that his plan had been a success.
“THE OPERATION IS OVER! THE PATIENT LIVED, AND IS HEALING. THE PROGNOSIS IS THAT THE PATIENT WILL BE FAR STRONGER, BIGGER, BETTER, AND MORE RESILIENT THAN EVER BEFORE. MAKE AMERICA GREAT AGAIN!!!” he wrote.
Some in Congress are seeking to retrieve the tariff power from the executive, but it is unlikely that they would have the support to override a presidential veto.
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