As global markets reeled from a worsening U.S.–China trade standoff, President Donald Trump took to social media Wednesday morning to calm nerves — and spark optimism. His message? “BE COOL! THIS IS A GREAT TIME TO BUY!!!”
At the heart of the turmoil is Trump’s sweeping new 104% tariff on Chinese imports, which officially took effect April 9.
In a near-immediate response, Beijing announced its own retaliatory strike — an 84% tariff on U.S. goods, effective April 10 — deepening fears of a full-blown economic war between the world’s two largest economies.
“These countries are calling me up, kissing my ass… they are dying to make a deal. Please, please, sir, make a deal. I'll do anything,” Trump said at a National Republican Congressional Committee donor dinner, declaring the “tariff situation” a “legendary” success. He insisted China had long “ripped us off,” and now, “it’s our turn to do the rippin’.”
Despite White House Press Secretary Karoline Leavitt reaffirming earlier in the day that the President is “not considering an extension or delay,” China’s stance has only hardened. Its Commerce Ministry blasted the U.S. decision as “a mistake on top of a mistake” and vowed to “fight to the end.” Premier Li Qiang added that Beijing is equipped to “offset any negative shocks” and warned that “protectionism leads nowhere.”
Markets were already on edge — and responded in kind. The S&P 500 slipped another 0.4%, while the Dow fell 0.7%. In Europe, London’s FTSE 100 dropped 2.9%, with Germany’s DAX down 3.6%. Retail giant Walmart withdrew its Q1 guidance, citing “tariff unpredictability,” and Delta Airlines warned of “weaker bookings.”
Cryptocurrencies took a hit as well. Bitcoin (BTC) slid 4.7% to $76,104.19, Ethereum fell over 8%, and Solana (SOL) and XRP were both down more than 7%. Investors are fleeing risky assets amid rising fears of recession and inflation.
Still, Trump maintains this is a buying opportunity. “The USA will be bigger and better than ever before,” he posted on Truth Social.