United States President Donald Trump said today that his protectionist policy is effective, just hours after China announced it would further raise tariffs on American products to 125 percent in a new round of escalation that is keeping global markets under pressure.
The US president wrote on his Twitter account Truth Social that his tariff policy is "working really well," even though the US currency, national debt and stocks have been under attack in the markets, writes Agence France-Presse.
"Our tariff policy is working really well. It's great for America and the world. It's moving forward quickly," Trump wrote despite Beijing's announcement that it would raise additional tariffs on US products to 125 percent.
China's Customs Commission believes that the US's imposition of "abnormally high tariffs" on China constitutes a serious violation of international trade rules and condemns the "unilateral practice of intimidation and coercion," the Chinese Ministry of Finance said.
The general uncertainty caused by Trump's policies continues to affect the decline in the value of the dollar, which today reached its lowest level against the euro in more than three years.
European stock markets, which were the only ones offering resistance yesterday, turned red again after Beijing's announcement, but did not fall as much as at the beginning of the week.
In a sign of investor frenzy in a volatile context, major Wall Street indices fell around 16.30:XNUMX p.m. CET today after briefly turning positive.
Trump on Wednesday announced a 90-day freeze on tariffs he had just imposed on 60 trading partners, to give them time to negotiate with Washington.
However, the US maintains the 25% tariffs imposed generally at the beginning of April and additional XNUMX% tariffs on steel, aluminum and automobiles, among others, against the EU.
China was ultimately hit with a massive tariff of 145 percent, or 125 percent added to the previously existing 20 percent.
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