'They played it wrong': Trump mocks China's retaliatory tariffs
What's the story
US President Donald Trump has ridiculed China for its reaction to the tariffs he slapped on several countries.
"China played it wrong, they panicked," he said, adding that it was something they "cannot afford to do."
Despite US stock markets falling due to the intensifying global trade war, Trump called it a chance to make money and dismissed the worries.
Economic impact
Market reaction to Trump's tariffs
US stock markets have been falling for two days now, wiping out vast sums from investment and retirement portfolios.
Fed Chairman Jerome Powell has also warned that these tariffs would result in "higher inflation and lower growth."
The Dow Jones was down 5.5% and the S&P 5.97%.
Since Trump declared his "Liberation Day" tariffs, US financial markets have reportedly lost over $6 trillion.
Unyielding stance
Trump remains steadfast amid market downturn
Despite the market downturn, Trump has remained steadfast on tariffs.
"My policies will never change," he said, calling this a great time to "get rich."
The president believes the world's largest economy's strength will force foreign companies to establish manufacturing facilities in the US, instead of continuing to import goods.
Retaliation
China's response to US tariffs
In retaliation for Trump's tariffs, China announced new 34% tariffs on US imports from April 10.
Beijing is also suing the US at the World Trade Organization and restricting exports of rare earth elements used in advanced medical and electronics technology.
This is a part of China's response strategy to Trump's 10% baseline tariff on most US imports, excluding those from Canada and Mexico.
Global response
International reactions to Trump's global tariff strategy
Other major US trading partners are analyzing the ongoing international conflict and possible recession fears.
EU trade chief Maros Sefcovic said the European Union would respond in "a calm, carefully phased, unified way," giving time for negotiations. However, he also warned the bloc "won't stand idly by."
France and Germany have hinted that the 27-nation EU could retaliate by taxing US tech companies.