Former President Donald Trump, days from his second inauguration, declared his tariff policy “doing really well” during an April 10, 2025, interview on Fox News, shrugging off China’s retaliatory measures as a sign of American strength.
Trump, who campaigned on imposing universal 10% tariffs on foreign goods, and up to 60% on Chinese imports, has begun rolling out measures to protect U.S. manufacturing. Since his election win, the U.S. has slapped 25% duties on $200 billion in Chinese electronics, steel, and chemicals, prompting Beijing to counter with 125% tariffs on American agricultural exports like soybeans, corn, and pork, effective April 1. “They’re hitting us because we’re winning,” Trump said, claiming the policy has already saved “thousands of jobs” in Rust Belt states like Ohio and Pennsylvania.
The U.S.-China trade war, reignited after a 2024 lull, has roiled global markets, with the Dow dropping 3% in early April amid fears of escalation. China’s retaliation, targeting $60 billion in U.S. goods, has hit American farmers hardest, with soybean prices falling 15% as Beijing turns to Brazilian suppliers.
Trump insists the tariffs will force companies to relocate factories to the U.S., citing a Michigan plant announcement by a Taiwanese chipmaker as proof. “We’re bringing back industry China stole from us,” he said, promising tax breaks for firms that “come home.” Critics, including the U.S. Chamber of Commerce, warn that tariffs are raising consumer prices, by 2.7% for electronics, and could spark inflation, with estimates suggesting a $1,200 annual hit per American household.