A man checks his phone next to an electronic board showing stocks on the Heng Seng Index in Hong Kong on April 3, 2025.
Peter Parks | Afp | Getty Images
China’s Foreign Ministry on Saturday said “the market has spoken” following the U.S. imposition of sweeping new tariffs and called for the White House to defuse the escalating trade war through “equal-footed consultation.”
U.S. stock markets fell sharply for a second consecutive day on Friday, with all three major indexes dropping by more than 5% as part of a global rout.
The market turmoil was exacerbated on Friday when China’s Finance Ministry announced it would impose a 34% tariff on all goods imported from the U.S. starting on April 10.
Beijing’s response ratcheted up investor fears of inflationary, recessionary and global economic growth risks.
“The market has spoken,” Chinese Foreign Ministry spokesperson Guo Jiakun said in a post on Facebook on Saturday morning.
Sharing an image referencing Friday’s U.S. stock market downturn, Guo said, “the trade and tariff war started by the U.S. against the world is unprovoked and unjustified.”
He called on the White House to resolve differences with trading partners through “equal-footed consultation.”
A White House spokesperson was not immediately available to comment when contacted by CNBC.
U.S. President Donald Trump on Wednesday announced far-reaching new levies as part of a “reciprocal tariff” policy, including a 10% tariff on almost every country and much steeper duties on many.
The U.S. president targeted China with 34% of additional reciprocal tariffs, bringing total U.S. tariffs against the world’s second-largest economy to 54%.
Trump on Friday appeared unfazed by the market backlash to his tariff rollout, posting on Truth Social that “big business” is not worried about the tariffs and that his “policies will never change.”
— CNBC’s Ruxandra Iordache contributed to this report.
