Trump says China 'panicked' with retaliatory tariff decision

US President Donald Trump said on Friday that China has "panicked" in its trade policy response to his administration's recent tariff actions.

“CHINA PLAYED IT WRONG, THEY PANICKED - THE ONE THING THEY CANNOT AFFORD TO DO!” Trump wrote on Truth Social.

Beijing announced a 34% additional tariff on all US imports Friday, responding to Washington’s 34% reciprocal tariffs imposed Wednesday.

Trump had signed an executive order applying similar tariffs to multiple countries, including allies and rivals, escalating trade tensions between the world’s two largest economies.

The matching tariff percentages highlight the tit-for-tat nature of the escalating trade tensions between Washington and Beijing.