Ex-US President Trump claims ongoing tariff war with China is hitting it harder than the US. Despite concerns over inflation and recession, Trump insists the tariffs will boost US manufacturing.

The U.S.–China economic war escalates as Beijing hits American goods with a 34% tariff. President Donald Trump swiftly retaliated, slamming China for “panicking” and announcing harsher tariffs under his principle of reciprocity.

The Trump administration imposed a 10% minimum tariff on all imports coming into the country and even higher tariffs on other top trading partners.

Trump's remark came in connection with China's warning to Washington on using tariffs as economic “weapons.” Earlier this week, Trump imposed an additional 34 per cent tariff on Chinese goods, raising total US duties on imports from China this year to 54 per cent.

In retaliation to hiked tariffs by the Donald Trump government, China has clapped back at the US by announcing new taxes and restrictions on American products. This comes in response to heavy tariffs recently introduced by U.

Stocks were in free fall again Friday as markets saw their worst week in years. The trade war heated up as China responded to President Trump with their own 34 percent tariffs on imported U.S. goods.