US President Donald Trump launched a fresh attack on China on Monday (April 7), labelling it “the biggest abuser” of tariffs. Trump's comments come as European and Asian markets crash due to the impact of his sweeping tariffs announced on Wednesday.

Advertisment

In a post on Truth Social, Trump defended the sweeping tariffs he announced last week, which have shaken markets across Europe and Asia. He claimed the US was finally collecting “billions of dollars a week” from what he described as “abusing countries.”

“Oil prices are down, interest rates are down (the slow moving Fed should cut rates!), food prices are down, there is NO INFLATION,” Trump wrote.

“The long-time abused USA is bringing in Billions of Dollars a week from the abusing countries on Tariffs that are already in place. This is despite the fact that the biggest abuser of them all, China, whose markets are crashing, just raised its Tariffs by 34%, on top of its long-term ridiculously high Tariffs (Plus!), not acknowledging my warning for abusing countries not to retaliate,” he said.

Advertisment

Also read: Blood on the trading floor: Trump tariff 'medicine' makes global markets sick with selloff fever

Trump went on to blame past American leaders for allowing other nations to exploit the US economically.

“They’ve made enough, for decades, taking advantage of the Good OL’ USA! Our past 'leaders' are to blame for allowing this, and so much else, to happen to our Country. MAKE AMERICA GREAT AGAIN!" he added.

Advertisment

China responds with sharp rebuke

Earlier on Monday, during a press briefing, Chinese foreign ministry spokesperson Lin Jian criticised Trump’s tariff measures as “bullying” and warned against the use of threats and pressure.

Also read: China on tariffs: 'US seeking hegemony in the name of reciprocity in trade war'

“The tariffs are typical unilateralism and protectionism, and economic bullying,” Lin said.

He described the US tariff strategy, framed as “reciprocal,” as a self-serving move that harms other nations, especially developing countries.

“The abuse of tariffs by the United States is tantamount to depriving countries, especially those in the Global South, of their right to development,” Lin added.

He also pointed to growing inequality within and between countries, blaming the United States for deepening the divide.

Also read: Obama Rising: Trump third term dreams can open path for Barack Obama's return. But ex-prez is already a threat because...

Market fallout after Trump's tariffs

Trump’s announcement of what his administration has dubbed the biggest tariff package in a century has crashed the financial markets. The sharp increase in tariffs on imports from numerous countries, including a 34% rise in Chinese goods, has led to a major sell-off across global exchanges.

(With inputs from agencies)