“China played it wrong, they panicked -- the one thing they cannot afford to do!” Trump posted on Truth Social, writing the message in his trademark all-caps.
Wall Street opened with steep selloffs, both the Dow Jones and S&P 500 losing close to three percent. Frankfurt and London sank more than four percent, while Tokyo's Nikkei closed 2.8 percent down.
“This is a great time to get rich, richer than ever before,“ he wrote.
However, China responded toughly, announcing its own new 34 percent tariffs on US imports starting April 10.
Other big US trading partners have so far held back as they digest the unfolding international standoff and fears of recession.
Sefcovic said the EU, which Trump hit with a 20 percent tariff, will act in “a calm, carefully phased, unified way” and allow time for talks. However, he also warned the bloc “won’t stand idly by, should we be unable to reach a fair deal”.
France and Germany have said the 27-nation EU could respond by imposing a tax on US tech companies.
Lombard said the EU's retaliation would not necessarily involve tit-for-tat tariffs and could use other tools, pointing to data exchange and tax as levers that could be used.
In Tokyo, Prime Minister Shigeru Ishiba called for a “calm-headed” approach after Trump slapped 24 percent tariffs on Japanese-made goods.
Separate US tariffs of 25 percent on all foreign-made cars also went into effect this week, and Canada swiftly responded with a similar levy on US imports.
Japanese carmaker Nissan said on Friday it would revise plans to reduce production in the United States.
Sweden's Volvo Cars, owned by China's Geely, said it would increase its production of vehicles in the United States and probably produce an additional model there.
“Let Donald Trump run the global economy. He knows what he’s doing,“ Lutnick said on CNN.
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