China criticized the tariff imposed by the Trump administration following the implementation of a base rate of 10 percent on Saturday. However, responses from other countries were less pronounced, with international authorities awaiting negotiations to address the escalating trade conflict.
"The market has delivered its verdict," stated China's Foreign Ministry spokesperson Guo Jiakun. posted on Facebook along with a picture depicting the decline in American equity markets on Friday.
"The trade and tariff conflict initiated by the U.S. against global markets is unwarranted and baseless," he went on to say.
On Wednesday, President Donald Trump declared extensive tariff measures, which include a 10 percent duty on the majority of imports along with extra retaliatory duties specifically imposed on approximately 60 nations. caused outrage and confusion across the world.
Beijing on Friday responded with an extra 34 percent duty added on U.S. exports — at the same pace that Trump had applied to China earlier in the week.
Another spokesperson for the Chinese Foreign Ministry, Lin Jian, described the U.S. decision as “an attempt to subvert the existing global economic and trade order, to put American interests above the common interests of the international community, and to sacrifice the legitimate interests of the entire world for the interest of the American hegemony.”
Other nations are anticipated to respond with retaliation. However, the attitude of certain international officials seemed to be more accommodating.
The Italian Economy Minister Giancarlo Giorgetti stated on Saturday that Italy is aiming for "de-escalation" with the United States. Reuters news agency reported.
We ought to steer clear of implementing a retaliatory tariff policy that could harm everybody, particularly ourselves," he stated, further noting that "it’s crucial we maintain our composure.
Japan's Prime Minister Shigeru Ishiba stated on Saturday his intention to converse with Trump "in the coming week" to address the issue of tariffs. as reported by the Japan Times .
On late Friday, Cambodia’s leader posted a letter on social media Requesting talks with the Trump administration "as soon as possible" and promising to reduce tariffs on goods coming from the US as a sign of "our goodwill and to foster stronger bilateral trade ties."
And, as The Washington Post reported On Friday, the UK government is prepared to offer significant compromises to secure an agreement with the Trump administration. Officials remain hopeful that they can finalize a trade deal aimed at eliminating or lowering the current 10 percent tariffs within the coming weeks.
On Friday, Trump expressed his willingness to engage in talks with various nations. "Countries are reaching out to us...If we had requested favors from these nations before, they might have refused. But now, they would be willing to do everything for our benefit," he stated. told reporters on Air Force One.
He mentioned his intention to meet with Vietnamese authorities to discuss "an agreement" aimed at removing the tariffs, which appears to be yet another discrepancy with the White House's stance that the extensive new tariff policy is not meant as a strategy to exert pressure on nations to enter negotiations with the U.S.
The United Nations trade and development body, UNCTAD, urged "conversation and discussion" on Friday.
This causes harm to those who are most vulnerable and impoverished," stated UNCTAD Secretary-General Rebeca Grynspan. "Trade ought not to turn into an additional cause of instability. Instead, it should support development and worldwide economic expansion.
Lyric Li was involved in contributing to this report.