Trump's Tariffs Spark China's Defiant Response

President Trump's additional 10% tariffs on Chinese imports took effect on Tuesday, sparking a swift and defiant response from Beijing. China's Ministry of Commerce spokesperson, lin Jian, warned that the country is ready for "any type of war" with the U.S. if that's what Washington wants.

"If war is what the U.S. wants, be it a tariff war, a trade war or any other type of war, we're ready to fight till the end," Lin said in a statement. The Chinese Embassy in the U.S. echoed this sentiment on X, stating, "If war is what the U.S. wants, be it a tariff war, a trade war or any other type of war, we're ready to fight till the end."

Beijing retaliated against the U.S. tariffs by imposing its own levies on a wide array of American goods, with rates ranging from 5% to 15%. The Chinese government has maintained that the U.S. tariffs are a "flimsy excuse" for protecting its own interests and has vowed to take countermeasures to safeguard its economic development.

Trump, in his address to a joint session of Congress, acknowledged that his tariffs would cause "a little disturbance" but expressed confidence that the U.S. would emerge stronger. He also hinted at more tariffs coming on April 2, targeting other foreign countries with "reciprocal tariffs."

U.S. Commerce Secretary Howard Lutnick suggested that Trump may work out partial compromises with Canada and Mexico, potentially excluding certain sectors like the auto industry from the 25% tariffs imposed on their goods. However, he emphasized that the president would make the final decision.

The U.S. stock market has been volatile in response to the tariff developments, with the Dow, S&P 500, and Nasdaq Composite all sliding about 3% over Monday's and Tuesday's sessions. Investors are concerned that the levies will hamper economic growth and increase prices for consumers.

Canada and Mexico have both retaliated against the U.S. tariffs, with Canada imposing levies on U.S. goods and Mexico threatening to do the same. Both countries have also appealed to the World Trade Organization, seeking consultations with the U.S. to resolve the trade disputes.