China upped the tariffs by 50% to bring them to 84%.
The stock market went down briefly and it started to go up until about 10:15.
Treasury Secretary Scott Bessent calmed jitters. He said Tuesday the U.S. holds a substantial advantage over China in the burgeoning trade war.
He said, China made a “big mistake.”
“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,” he said.
Bessent added that he expects the U.S. to be able to strike “good deals” with many of its trading partners.
“Xi can only stay the Supreme Leader if people are employed.”
“America is the #1 economy on earth with all the cards. We will not have that forever. It’s time to squeeze Chinese heads into the wall.”
Kevin O’Leary calls for 400% tariffs on China.
The EU Approves Retaliatory Tariffs
The European Union on Wednesday voted to approve its first set of retaliatory measures to counter tariffs imposed by the U.S. on steel and aluminum.
The European Commission, the bloc’s executive arm, said duties would start being collected from April 15. According to a draft document seen by CNBC in March, the tariffs target a wide range of goods, including poultry, grains, clothing and metals. The EU has not released a final list of impacted products, and declined to comment further on Wednesday.
The market is starting to go down again.
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