WASHINGTON: President Donald Trump goaded China on Friday after the US\u2019s chief economic rival retaliated against his tariffs, and he dismissed falling stock markets over the growing global trade war, touting it as a chance to \u201cget rich.\u201d
\n\u201cChina played it wrong, they panicked \u2014 the one thing they cannot afford to do!\u201d Trump posted on Truth Social, writing the message in his trademark all-caps.
\nFor a second day, markets plunged, wiping vast sums off investment and retirement portfolios alike. US Federal Reserve Chairman Jerome Powell warned the tariffs were likely to spur \u201chigher inflation and lower growth.\u201d<\/p>\n
Wall Street went into free fall, following similar collapses in Asia and Europe. The Dow Jones dropped 5.5 percent and the S&P 5.97 percent.
\nTrump, who unveiled his barrage of import duties against dozens of countries Wednesday, was unrepentant, posting that \u201cmy policies will never change.\u201d
\n\u201cThis is a great time to get rich,\u201d he wrote.
\nThe 78-year-old Republican, who was spending a long weekend golfing at his course in Palm Beach, Florida, is banking on the theory that the might of the world\u2019s biggest economy will force foreign companies to manufacture on US soil, rather than continue to import goods.
\n\u201cONLY THE WEAK WILL FAIL!\u201d Trump touted in yet another Truth Social post Friday.<\/p>\n
China, however, responded by announcing its own new 34 percent tariffs on US imports starting April 10.
\nBeijing said it would sue the United States at the World Trade Organization and also restrict export of rare earth elements used in high-end medical and electronics technology.
\nOther big US trading partners held back as they digested the unfolding international standoff and fears of a recession.
\nEU trade chief Maros Sefcovic said the EU, which Trump hit with a 20 percent tariff, will act in \u201ca calm, carefully phased, unified way\u201d and allow time for talks.
\nHowever, he also warned the bloc \u201cwon\u2019t stand idly by.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
WASHINGTON: President Donald Trump goaded China on Friday after the US\u2019s chief economic rival retaliated against his tariffs, and he dismissed falling stock markets over the growing global trade war, touting it as a chance to \u201cget rich.\u201d \u201cChina played it wrong, they panicked \u2014 the one thing they cannot afford to do!\u201d Trump posted […]<\/p>\n","protected":false},"author":2,"featured_media":470687,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":{"0":"post-470672","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-world"},"yoast_head":"\n