After U.S. markets relinquished a large portion of their unprecedented gains from the previous day, Asian shares fell on Friday, April 11, 2025. After the White House clarified that the United States will tax Chinese imports at 145%, not the 125% rate that Mr. Trump had written about in his posting on Truth Social on Wednesday, once other previously announced tariffs were taken into account, China announced more countermeasures against the United States, and losses for U.S. stocks increased.
On April 11, 2025, Chinese President Xi Jinping called on the European Union to stand with Beijing against “unilateral bullying,” referring to the fluctuating tariffs that U.S. President Donald Trump had placed.
“China and Europe should fulfil their international responsibilities… and jointly resist unilateral bullying practices,” Mr. Xi said during his meeting with Spanish Prime Minister Pedro Sanchez on April 11, 2025, according to state news agency Xinhua. Mr. Trump’s intensifying trade war with China, the world’s second-largest economy, has stoked fears of a recession and more retaliation, and foreign leaders are attempting to figure out how to respond to the tariffs.
