China upped the tariffs by 50% to bring them to 84%.
The stock market went down briefly and it started to go up until about 10:15.
Treasury Secretary Scott Bessent calmed jitters. He said Tuesday the U.S. holds a substantial advantage over China in the burgeoning trade war.
He said, China made a “big mistake.”
“What do we lose by the Chinese raising tariffs on us? We export one-fifth to them of what they export to us, so that is a losing hand for them,” he said.
Bessent added that he expects the U.S. to be able to strike “good deals” with many of its trading partners.
“Xi can only stay the Supreme Leader if people are employed.”
“America is the #1 economy on earth with all the cards. We will not have that forever. It’s time to squeeze Chinese heads into the wall.”
Kevin O’Leary calls for 400% tariffs on China.
The EU Approves Retaliatory Tariffs
The European Union on Wednesday voted to approve its first set of retaliatory measures to counter tariffs imposed by the U.S. on steel and aluminum.
The European Commission, the bloc’s executive arm, said duties would start being collected from April 15. According to a draft document seen by CNBC in March, the tariffs target a wide range of goods, including poultry, grains, clothing and metals. The EU has not released a final list of impacted products, and declined to comment further on Wednesday.
The market is starting to go down again.
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self-sufficient is what the USA needs to get back to.
China exports 15% to the U.S.
The US only exports 2.1% to China.
Its going to hurt them way more than it hurts us.
China is the enemy of the US. We should not be trading with them anyways.
The USA is not only the largest economy, they also are the largest consumer, which means that they are the largest importer.
which means other nations make money because the USA buys a lot of what they make,
by retaliating with high tariffs, this will only make Trump raise tariffs higher, which means Americans will buy less from those nations, which means it is those nations that will suffer more than the Americans.
China is rich because Americans buy a lot of what they make, if they get in a tariff war, it is China that will sell less stuff and suffer the most.
“China is rich”
They are large, they are not “rich”.
They are the second richest nation after the USA.