US President Donald Trump shared a new message on his Truth Social account today, after threatening to raise tariffs on China to 100% on Friday.
Trump tweeted, “Don’t worry about China, everything will be fine! The respected President Xi just had a bad moment. He doesn’t want his country to fall into a recession, and neither do I. The US wants to help China, not hurt it!”
Trump’s statement followed a series of harsh criticisms from Beijing. China’s Ministry of Commerce had described Trump’s threat of additional tariffs as a “typical example of US double standards” and indicated that it would take possible “countermeasures.”
On Friday, Trump described China’s restrictions on rare earth exports as a “hostile move” and threatened to withdraw from a meeting with Chinese President Xi Jinping scheduled for later this month.
Trump’s statements also shook global markets, with the S&P 500 index closing the week down 2.7%, its steepest loss since April.
*This is not investment advice.