Trade Tensions Intensify as China Hits Back at Trump's Tariffs

China criticized U.S. President Trump's tariffs, urging 'equal-footed consultation' after markets reacted negatively. Chinese retaliation included significant tariffs on U.S. goods and export curbs. The escalating trade war caused sharp global market declines, raising concerns over U.S. inflation and potential recession.

China sharply criticized the tariffs imposed by U.S. President Donald Trump, insisting that 'the market has spoken' and calling for 'equal-footed consultation.' This came after global markets reacted to the U.S.-China trade tensions, which saw Chinese retaliation in response to the U.S. levies.

Numerous Chinese commerce associations from diverse sectors, including healthcare, textiles, and electronics, issued calls for unity to explore new markets and warned that the tariffs could exacerbate inflation within the United States. A statement posted online by Chinese foreign ministry spokesperson Guo Jiakun highlighted the sharp market declines.

The escalating dispute saw Trump imposing 34% tariffs on Chinese products, prompting China to retaliate with similar measures on U.S. goods, along with rare earth export curbs. The tense standoff sent stock markets plummeting and heightened fears of a potential U.S. recession.

(With inputs from agencies.)