US President Donald Trump, commenting on the stock market plunge following his announcement of import tariffs, said he did not want anything to fall, but "sometimes you have to take medicine to fix things."
Asian stock indexes fell in early trading hours on Monday amid a new round of trade tensions between China and the United States.
"I don't want anyone to go down. But sometimes you have to take medicine to fix something," Trump told reporters.
Previously, Trump had announced the imposition of “reciprocal” tariffs on imports from other countries.
The base minimum tariff will be 10 percent. But for each country, the tariff will be adjusted and will be half the tariff they charge companies importing goods from the U.S.
The new tariffs on imports from China are added to previously imposed measures and total 54 percent, US Treasury Secretary Scott Bessent said.
In response, China's State Council announced an additional 34 percent tariff on all goods from the United States. The decision took effect on April 10.
Earlier, Chinese Foreign Minister Wang Yi said in an interview with RIA Novosti that the US tariff hike on Chinese goods was groundless, damaging global markets and tarnishing Washington's reputation.
According to Wang, imposing tariffs will not help the US solve existing problems, but "will cause serious damage not only to the global market and trade order, but also to the reputation of the United States itself."
He also stressed that if the US does not stop economic pressure on China, Beijing will respond in the most resolute manner.
Source: Anadolu
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