After threatening to raise tariffs on China to 100% on Friday, US President Donald Trump shared a new message on his Truth Social account today.
Trump tweeted: “Don’t worry about China. Everything will be fine! Our respected President Xi just had a bad time. He doesn’t want his country to go into recession and neither do I. America wants to help China, not hurt it!”
President Trump’s statement followed a series of harsh criticisms from the Chinese government. China’s Ministry of Commerce described President Trump’s threat of additional tariffs as a “classic example of America’s double standards” and said it would take possible “countermeasures.”
On Friday, President Trump described China’s rare earth export restrictions as a “hostile act” and threatened to withdraw from talks with Chinese President Xi Jinping scheduled for later this month.
President Trump’s comments also sent shockwaves through global markets, with the S&P 500 ending the week down 2.7%, its steepest decline since April.
*This is not investment advice.
