President Donald Trump speaks with reporters in front of the West Wing of the White House, Thursday, May 8, 2025, in Washington. (AP Photo/Alex Brandon)
President Donald Trump signaled a full-blown trade battle with China will not be happening on Sunday, insisting the United States “wants to help” its global rival and that he respects Chinese President Xi Jinping.
The president shared his latest thoughts on trade with China in a Truth Social post around lunchtime:
“Don’t worry about China, it will all be fine! Highly respected President Xi just had a bad moment. He doesn’t want Depression for his country, and neither do I. The U.S.A. wants to help China, not hurt it!!! President DJT”
His update comes two days after the president said he would be slapping a new 100% tariff on China, on top of the 30% tariffs already in place, starting Nov. 1.
Trump made that announcement after China tightened its rules on rare earth minerals, forcing exporters to obtain a license from the government — which is likely the “bad moment” for Xi that he is referring to.
Wall Street clearly did not love that news from Trump on Friday, with the S&P 500 dropping 2.71%, the Nasdaq dropping 3.56%, and the Dow Jones dropping 1.90%. Those sharp drops were reminiscent of the market taking a big hit in early April, when the president announced his “Liberation Day” tariff plan.
The markets have since shrugged off those initial concerns, with the three major indexes all surging between 13% to 32% in the last six months.
Vice President JD Vance, during an interview with Maria Bartiromo on Sunday Morning Futures on Fox News earlier in the day, also indicated Trump wants to make a deal with China. He said the president is “willing to be a reasonable negotiator with China,” and that Trump “appreciates the friendship that he’s developed with Xi.”
The vice president added the negotiations will be a “delicate dance,” but that the U.S. is in good position, because it has “far more cards than the People’s Republic of China.”