China and the European Union (EU) lashed out against President Donald Trump’s tariffs, imposing counter-tarrifs on Wednesday in the escalating global trade war.
China imposed a massive 84 percent tariff on US goods and said it wouldn’t back down from a trade war.
“The US escalation of tariffs on China is a mistake upon mistake, severely infringing upon China’s legitimate rights and interests, and seriously damaging the multilateral trading system based on rules,” China’s State Council Tariff Commission said in a statement announcing the fresh levy.
In addition to the tit-for-tat tariffs, China’s Commerce Ministry also retaliated against Trump’s tariffs by imposing export controls on 12 American companies and added six more US firms to its “unreliable entity list.” Companies on that list are banned from trading or investing in China.
Meanwhile, China also filed a complaint to the World Trade Organization over the latest US tariffs, according to the Commerce Ministry.
In his first comments since China announced its counter-tariffs, Trump is encouraging companies to move to the US.
Writing on social media platform Truth Social, the US president says: “This is a GREAT time to move your COMPANY into the United States of America.”
“ZERO TARIFFS, and almost immediate Electrical/Energy hook ups and approvals. No Environmental Delays. DON’T WAIT, DO IT NOW!”, he adds.
Elsewhere, steeper tariffs on 60 countries—which Trump deems the “worst offenders” on trade—have also taken effect. Trump says impacted countries are calling up and “kissing my ass” in a bid to negotiate, as experts warn tariffs could increase prices.
🇺🇸😬 “Other countries are kissing my ass to make a trade deal,” – Trump
“They’re dying to make a deal. They kiss my ass and say, ‘Please, please, sir, make a deal, I’ll do anything, sir,’”
– said the President of the United States.🤡 Trump also claimed he has received more… pic.twitter.com/jUu8R3C87A
— Devana 🇺🇦 (@DevanaUkraine) April 9, 2025
EU joins trade war with tariffs against US products
EU member states overwhelmingly approved retaliatory duties worth €22 billion on US goods also on Wednesday.
The 27-nation bloc faces 25 percent import tariffs on steel and aluminum and cars as well as the new broader tariffs of 20 percent for almost all other goods under Trump’s policy to hit countries he says impose high barriers to US imports.
26 of the bloc’s 27 member states voted to impose “rebalancing” duties of between 10-25 percent on a range of American products, including tobacco, motorcycles, poultry, steel, and aluminum.
Only Hungary, whose leader Viktor Orbán is a staunch Trump ally, voted against the tariffs. A ‘qualified majority’ of member states – or 15 countries representing 65% of the bloc’s population – was required to vote against the duties to prevent them entering into force.
The tariffs, which come in response to Trump’s introduction of 25 percent levies on steel and aluminum last month, will be phased in over three stages this year.
“The EU considers US tariffs unjustified and damaging, causing economic harm to both sides, as well as the global economy,” the Commission said in a statement following the vote, adding that it will continue to seek a “balanced and mutually beneficial” negotiated solution with Washington.
Markets tumble
Meanwhile, US stock futures tumbled, set to open lower for the fifth straight session. Dow futures fell 500 points, or 1.4 percent. The S&P 500 was set to open down 1.2 percent. Meanwhile, Nasdaq futures were trading 1 percent lower.
The S&P 500 is on the precipice of bear market territory, coming close to a stunningly rapid drop of 20 percent from the all-time high it hit just seven weeks ago on February 19.
CNN reports that if the US stock market closes in bear market territory, it will end a bull run that has been ongoing since the peak of the inflation crisis in mid-October 2022—marking the second-fastest decline from a record high to a bear market in the seven-decade history of the S&P 500. Only the Covid pandemic sent stocks into a bear market at a faster clip.
Related: Mitsotakis: No Sense in US Tariffs on Olive Oil and Feta as Greece Braces for Impact
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