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China calls Trump tariffs a mistake and 'blackmail'

By: John Bacon
Christopher Cann
Joey Garrison
and Medra Lee
USA Today

..... The global trade war fueled by President Donald Trump's sweeping tariffs intensified on Tuesday [04/08/2025] as China vowed to fight what it called "blackmail" after Trump threatened an addition 50% tax on Chinese imports.
..... "The U.S. side's threat to escalate tariffs against China is a mistake on top of a mistake, once again exposing the American side's blackmailing nature,: China's commerce ministry said on Tuesday. [04/08/2025] "If the U.S. insists on having its way, China will fight to the end."
..... Beijing's rebuke came after Trump threatened to hike duties on some Chinese goods to a staggering 104% if the county did not reverse plans to impose retaliatory tariffs of 35% on U.S. goods. The additional levies against China could go into effect as early as Wednesday, [04/09/2025] Trump said.
..... Treasury Secretary Scott Bessent said on CNBC China's defiant response was "a big mistake."
..... "We are the deficit country,' he said. "so what do we lose by the Chinese raising tariffs on us? We export one-fifth to them of what they export to us. So that is a losing hand for them.
..... However, Trump and Bessent appeared hopeful that deals could be negotiated, including with China, triggering a sharp opening rise of the main indexes on Wall Street. World shares saw a modest rebound Tuesday [04/08/2025] morning after three days of heavy selling.
..... "We believe that many of the announced tariffs last week [04/02/2025] will be negotiated down," said Mare Zabicki, chief investment officer and director of research at LPL Financial.
..... Bessent said about 70 counties had approached the U.S. "I think we can and end up with some good details," he told CNBC.
..... The treasury secretary said tariff negotiates "had nothing to do with sliding markets.
..... U.S. stocks swing wildly at the start of the week, briefly popping higher on a withdrawn report that Trump would delay tariffs for 90 days. Volume was the highest in at least 18 years.
..... Despite the sharp and swift market drops, various firms like Wealthfront, Alight and Robinhood that track retail trading and 401(k) activity have noted that most investors remained invested, with some picking up what they see as bargains.

Global negotiations imminent

..... Around the world, negotiation meeting plans flew thick and fast
..... Trump said Tuesday [04/08/2025] that a deal with South Korea may be on the horizon and added that "many other countries" want to bargain.
..... "We have the confines and probability of a great DEAL for both countries," he said on Truth Social, describing his call with South Korea;s acting President Han Duck-soo. "their top TEAM is on a plane heading to the U.S., and things are looking good."
..... On China, Trump said Beijing wants "badly" to make a deal, "but they don't know how to get it started."
..... "We are waiting for their call," he said. "It will happen! GOD BLESS THE USA."
..... Blomberg News reported that Italian Primier Giorgia Meloni will head to the U.S. to negotiate tariff relief directly with Trump.
..... India's discussion with the United States on a potential bilateral trade agreement are "moving in the right direction," Indian trade Minister Piyush Goyal said on Tuesday. [04/08/2025]
..... Indonesia;s chief economic minister said the country will buy gas and soybeans from the U.S. and reduce taxes on electronic goods and steel as part of ongoing negotiation efforts. Airlangga Hartarto made the announcement at a conference discussing host respond to U.S. tariffs. Hartar to is set to lead a delegation traveling to Washington on April 17. [2025] A 32% tariff on imports form Southeast Asia's biggest economy is slated to take effect Wednesday. [04/09/2025]
..... British finance minister Rachel Reeves said Tuesday [04/08/2025] that she would soon meet Bessent as London hopes to reach a deal to reduct the tariffs. Trump has imposed a 10% tariff on most imports from Britain and a 25% tariff on key sectors such as cars and steel.
..... "A trade war is in nobody's interest," she said, speaking to Parliament. "We must remain pragmatic, cool-headed and pursue the best deal with the United States that is in our national interest."

Rifts in Trump coalition

..... The trade war continued to expose rifts inside the Republican administration and among the president's closest allies. billionaire inverter Bill Ackman, who endorsed Trump's run for president, said on social media Tuesday [04/08/2025] that the U.S. should delay implementing its new tariffs for up to 90 days while trade negotiations take place.
..... At the same time, multimillionaire and trump ally Elon Musk slammed top trump trade administrator Peter Nevarro, calling him a "moron" and "dumber than a sack of bricks." Navarro had said on CNBC that Musk, who owns electric car company Tesla, is "not a care manufacturer - he;s a car assembler" whose vehicle batteries came from Asia.
..... Despite the turmoil, U.S. Trade Representative Jamieson Greer defend Trump's tariffs to the Senate Finance Committee.
..... "We must move away form an economy that is based solely on government spending and the financial sector, and we must become an economy based on producing real goods and services that provide jobs for working-class and middle-class Americans," Greer said. "This adjustment may be challenging at times, and in a moment of drastic overdue changes, I'm confident, I'm certain the American people can rise to the challenge as they've done before."
..... Greer said not to expect tariff exemptions. Republicans on the committee acknowledged the potential costs but were hopeful the president's policies would also have postie effects.
..... "Although it is easy to see the costs arising from tariffs, it's also far more difficult to see the cost of denied market access opportunities," said committee chair Senator Mike Crapo, R-Idaho.
..... The loudest defender of trump continue to be the president himself, who said the U.S. had an "opportunity to reset the table on trade.
..... "Nobody but me would do this," he said. "You know, it's nice to serve a nice easy term, but we have an opportunity to change the fabric of our country,"

..... Contributing: Reuters; Zac Anderson, Riley Beggin and Kim Hjelmgaard, USA Today

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