U.S. President Donald Trump on Friday defended his administration’s approach to tariffs amid mounting global economic turbulence, asserting the strategy was “doing really well” even as China responded with a fresh round of retaliatory duties on American goods.
Beijing’s latest move, which raised tariffs on U.S. products to as high as 125 percent, sent ripples through global financial markets. The announcement sparked a sharp selloff in U.S. government bonds, pushed the dollar lower, and led to volatile swings in stock prices as investor concerns deepened.
The escalation followed Trump’s surprise decision last week to impose sweeping tariffs on dozens of U.S. trade partners. Although the president rolled back some of those levies to 10 percent for a 90-day period earlier this week, tariffs on Chinese imports were raised, intensifying tensions between the world’s two largest economies.
“We are doing really well on our tariff policy,” Trump posted Friday on Truth Social. “Very exciting for America, and the World!!! It is moving along quickly.”
The White House later emphasized that Trump remained hopeful about a resolution. Press Secretary Karoline Leavitt said the administration was still aiming for a deal with China, noting that 15 other countries had “offers on the table” during the 90-day tariff pause. However, she underscored Trump’s tough stance on retaliation.
“The president made it very clear, when the United States is punched he will punch back harder,” Leavitt said.
The tit-for-tat exchange between Washington and Beijing has intensified in recent days, with both sides announcing aggressive trade penalties.
In his first major public response to the latest developments, Chinese President Xi Jinping struck a defiant tone. “We are not afraid,” Xi said, according to state media. During a meeting with Spanish Prime Minister Pedro Sanchez, the Chinese leader also called on the European Union and China to “jointly resist unilateral bullying practices.”
