Trump says China ‘played it wrong’ after US hit back with 34% tariffs

He said the country was 'panicked'

The US and UK stock markets plummeted sharply for the second day in a row on Friday, with the S&P 500 falling 3.2 per cent as trading began, while the FTSE 100 suffered its worst day in five years, closing down 4.9 per cent.

Meanwhile, on Thursday there was a massive decline, which marked the worst day on Wall Street since the COVID-19 pandemic five years ago.

Apple, one of the largest companies on the US Stock Exchange, fell by nearly 4 per cent, while Tesla, owned by Trump ally Elon Musk, plunged 3 per cent.

Stock markets in the UK, France, Germany, Japan, South Korea and Australia also fell for a second day.

London's FTSE 100 index of companies suffered its worst day since 2020 on Friday.

These massive declines come as the global market responds to Trump’s decision to slap trade tariffs on nearly every country in the world, including the UK.

This morning, China hit back at Trump, issuing 34 per cent levies of its own - the 'wrong move' according to the 47th US president.

Taking to his Truth social media platform, he said: "CHINA PLAYED IT WRONG, THEY PANICKED - THE ONE THING THEY CANNOT AFFORD TO DO!

"IT’S ALREADY WORKING. HANG TOUGH, WE CAN’T LOSE!!!"

Trump said he would think about doing a deal with China in which Beijing approved the sale of TikTok and received lower tariffs in return.

He also claimed the UK is happy with the tariffs he imposed on Wednesday's 'Liberation Day'.

But the British government said on Thursday that it was drawing up a list of goods that would be subject to retaliatory tariffs.

The president aims to bolster production in the US and support home-grown goods, but economists have said the short-term impact will be higher prices and slower growth across the economy.

Despite the turmoil created on Thursday, Trump told reporters that he thought the day was 'going very well' after his bombshell tariff announcement, which included 10 per cent on the UK - and much higher import taxes on others.