‘Terminated’: Donald Trump’s brutal China move as ASX bounces back

Some positive signs are beginning to emerge for every nation on earth after a torrid few weeks. But one country is feeling Donald Trump’s wrath.

Some positive signs are beginning to emerge for every nation on earth after a torrid few weeks – but one country is feeling Donald Trump’s wrath.

In Australia, things are looking a little bit better, with the share market bouncing back a smidge on Tuesday morning.

The ASX 200 – the biggest companies in the nation – have rebounded by a healthy 1.21 per cent in early trading, after losing 9.42 per cent since the start of this year.

Wall Street stocks finished marginally lower overnight following a volatile session amid rising recession worries due to the US President’s trade wars.

Countries are feeling the wrath of US President Donald Trump’s tariffs. Picture: Saul Loeb/AFP

This came after horror warnings of a ‘Black Monday-style’ stock market wipe-out of up to 20 per cent from some commentators over the weekend.

It looks like a rebound could be on the cards as Aussie funds tracking the US share market are booming by almost 5 per cent.

The positivity could be fuelled by comments early on Tuesday that signalled Mr Trump may be open to negotiation on tariffs, and that those discussions with nations around the world would begin today.

White House National Economic Council director Kevin Hassett said more than 50 countries had asked to begin trade talks.

Mr Trump said he spoke to Japanese Prime Minister Shigeru Ishiba, who would send a negotiating team to the US.

“We have many, many countries that are coming to negotiate,” Mr Trump told reporters in the Oval Office.

“They’ll be fair deals … we’re gonna have one shot at this. No other president is going to do this.”

China, however, has been left out in the cold.

The President threatened an additional 50 per cent levy on Chinese imports – taking the total to more than 100 per cent – would come into effect from April 9 unless Beijing reversed its decision to match his 34 per cent tariff from last week with equivalent import duties on US products.

“Additionally, all talks with China concerning their requested meetings with us will be terminated,” he wrote in a post on his Truth Social platform.

“Negotiations with other countries, which have also requested meetings, will begin taking place immediately.”

China's President Xi Jinping. Picture: Pedro Pardo/AFP

The Chinese Embassy in the United States responded to the President’s warning, with embassy spokesperson Liu Pengyu telling CNN in a statement that “pressuring or threatening” China is “not a right way to engage”.

“China will firmly safeguard its legitimate rights and interests,” the spokesperson said.

The Trump administration’s tariff plan, they added, “serves its selfish interests at the expense of other countries’ legitimate interests and puts ‘America first’ over international rules”.

“This is a typical move of unilateralism, protectionism and economic bullying.”

Mr Trump earlier chastised China for ignoring his warning that targeted countries should not retaliate.

“I have great respect for China, but they cannot do this,” the President said.

“We are going to have one shot at this … I’ll tell you what, it is an honour to do it.”

– with AFP