Olusegun Ariyo
A spokesperson for the Chinese Foreign Ministry, Guo Jiakun, has stated that it is time for the United States to “stop doing the wrong thing”.
According to Jiakun, “the market has spoken”, after US markets plunged following China’s imposition of a reciprocal 34 per cent tariff on American goods.
“Now is the time for the US to cease its wrongful actions and resolve its differences with trading partners through equal-footed consultation,” Jiakun wrote in English, in a Facebook post accompanied by an image depicting the decline of the US markets on Friday.
Meanwhile, several Chinese commerce associations — representing industries such as healthcare, textiles, and electronics — issued statements urging unity in the pursuit of alternative markets and warning that the tariffs would exacerbate inflation within the United States.
On Wednesday, former President Donald Trump announced an additional 34 per cent tariff on Chinese goods, raising the total duties imposed on China this year to 54 per cent.
China swiftly retaliated, announcing on Friday further 34 per cent levies on all American goods, along with export restrictions on certain rare earth elements.
