Trump sent financial markets into a tailspin after announcing sweeping import taxes on dozens of trade partners last week.
By Kehinde Okeowo
Despite the spiraling trade war between the United States and China, President Donald Trump, on Friday insisted that his tariff policy is “doing well”.
Trump sent financial markets into a tailspin after announcing sweeping import taxes on dozens of trade partners last week, only to abruptly roll them back to 10 per cent on Wednesday for 90 days, while raising levies on goods from China.
Beijing thereafter retaliated by increasing levies on US imports to 125 per cent.
Following the trade war by the world’s two biggest economies, investors dumped US government bonds, the dollar tumbled and stocks seesawed.
However, despite the concerns expressed by Americans on the already traumatized global markets, Trump bragged that he was on the right part.
“We are doing really well on our tariff policy. Very exciting for America, and the World!!! It is moving along quickly,” the American president said in a post on his Truth Social network.
Later, the White House said that Trump remained hopeful about a deal with China, adding that 15 other countries have offers on the table during his 90-day pause in their tariffs.
His Press Secretary, Karoline Leavitt, however, reiterated that Trump made it very clear that when the United States is punched, he would punch back harder.
