Trump Says He'll 'Never' to Back Down from Tariffs as Markets Plunge

President Donald Trump on Friday reaffirmed his hardline stance on global tariffs, insisting he would "never" back down from his sweeping trade war — even as financial markets reeled and global trading partners prepared retaliatory measures.

Trump's latest comments, posted in all caps on his Truth Social platform, came in the wake of China's announcement that it would impose 34% tariffs on U.S. goods, escalating what is already a volatile global economic standoff.

“TO THE MANY INVESTORS COMING INTO THE UNITED STATES AND INVESTING MASSIVE AMOUNTS OF MONEY, MY POLICIES WILL NEVER CHANGE,” Trump wrote. “THIS IS A GREAT TIME TO GET RICH, RICHER THAN EVER BEFORE!!!”

The statement followed days of selloffs on Wall Street, with markets tumbling for the second day in a row as investors reacted to the president’s announcement of a blanket 10% tariff on all imports beginning Saturday — with steeper tariffs on specific countries.

A Sign of Flexibility or Inconsistency?

Just hours after his defiant message, however, Trump appeared to offer a glimmer of flexibility. He said he had spoken with Vietnam’s Communist Party General Secretary, To Lam, and suggested that a tariff deal may be on the horizon.

“Just had a very productive call with To Lam, General Secretary of the Communist Party of Vietnam, who told me that Vietnam wants to cut their Tariffs down to ZERO if they are able to make an agreement with the U.S.,” Trump posted, adding that he hoped to meet “in the near future.”

While Trump continues to frame his trade policies as a revival plan for American manufacturing and a source of “trillions of dollars” for the federal government, many economists are warning of a different outcome: rising consumer prices, damaged global supply chains, and economic instability.

China Pushes Back

China’s response has been swift and harsh. After announcing its own 34% tariffs on U.S. imports, Chinese trade groups and industry leaders have voiced their full support for retaliatory action.

The National Textile and Apparel Council, a powerful industry body in China, said it “supported the government’s forceful measures,” accusing the U.S. of undermining the global textile supply chain.

The council added that the American tariffs had “damaged the resilience of the global textile industry’s supply chain.”

In a separate post on Friday, Trump accused China of overreacting to the new tariffs, saying Beijing played it wrong and panicked.

“CHINA PLAYED IT WRONG, THEY PANICKED – THE ONE THING THEY CANNOT AFFORD TO DO!”

What’s Next

As the global economy braces for the fallout of escalating tariffs, Trump’s unwavering posture is being closely watched. Despite hints at bilateral deals, his overarching message remains clear: he believes this trade war is good for America — and he doesn’t intend to blink.

But with Wall Street sinking, prices expected to rise, and America’s trading partners lining up to retaliate, it remains to be seen whether the president’s strategy will deliver the wins he has promised — or usher in broader economic pain.