President Trump's late afternoon announcement on Wednesday—"Liberation Day"—unveiled a far more aggressive tariff policy than top Wall Street analysts had anticipated, prompting panic dumping in global equities and futures markets overnight.
Of particular concern is Trump's stance toward China. The total effective tariff rate on Chinese imports surged to 54%, a dramatic increase of 34% from the previously imposed 20% in additional levies tied to fentanyl and earlier duties.
Trump's Liberation Day has drawn swift condemnation from Beijing, which has described the escalating tariff war as "unilateral bullying."
Nikkei Asia quoted China's Ministry of Commerce, warning that it "firmly opposes" Trump's tariffs and "will resolutely take countermeasures to safeguard its own rights and interests."
The Commerce Ministry noted that the US "ignored" the benefits of a global trading system, adding, "The so-called 'reciprocal tariffs,' which are based on subjective and unilateral assessments by the United States, are not in line with the rules of international trade, seriously jeopardize the legitimate rights and interests of the parties concerned, and are typical of "unilateral bullying."