China Criticizes U.S. Tariff Hikes Amid Intensifying Market Decline

China Criticizes U.S. Tariff Hikes Amid Intensifying Market Decline

China strongly rebuked the United States on Saturday following a new round of tariff increases, attributing a deepening global market selloff to Washington’s actions. Citing the sharp drop in U.S. stock markets for a second consecutive day, the Chinese Foreign Ministry called for renewed dialogue and equal-footing negotiations to ease trade tensions.

As reported by CNBC, Foreign Ministry spokesperson Guo Jiakun described the U.S.-initiated trade conflict as "unwarranted and baseless" in a Facebook post, which also featured a graphic highlighting Wall Street’s Friday downturn.

Major U.S. indexes—Dow Jones, S&P 500, and Nasdaq—each plunged over 5% amid rising fears of inflation, recession, and a slowdown in global growth. The market slide followed China’s announcement of a 34% tariff on all U.S. imports, effective April 10. This move came shortly after President Trump introduced a sweeping “reciprocal tariff” strategy, imposing a 10% baseline tariff and targeting China specifically with an added 34%, bringing the total to 54% on Chinese goods.

Despite the turbulent market response, Trump stood by his strategy on Truth Social, asserting that large corporations remain supportive and that his trade policies are unwavering.

China’s latest countermeasure has further fueled uncertainty in global financial markets. According to CNBC, Guo emphasized the importance of resolving the dispute through constructive negotiations rather than continued confrontation.