Hello and welcome to News Hour from the BBC World Service, coming to you live from our studios in central London.
I'm Julian Marshall.
For the fourth trading day running, there have been falls in global stock markets,
driven by fears that President Trump's tariffs imposed on almost every country last week could cause a worldwide economic recession.
And rather than be alarmed by this tumble in the market,
the Trump administration seems to be relishing the volatility the President himself spent the weekend thumb-raising and golfing,
despite the market carnage while his trade adviser, Peter Navarro, described it as a beautiful moment.
And now Mr Trump has singled out China for further punishment, saying he'll impose an additional 50% tariff on China,
and this Beijing scraps its own plans to retaliate, which would bring viewers' tax on imports from China to over 100%.
Speaking earlier today before the announcement,
China's foreign ministry spokesman Lin Jiang said U.S. self-interest was jeopardizing global stability.
The U.S. is seeking hegemony in the name of reciprocity,
sacrificing the legitimate interests of all countries to serve its own selfish interests and prioritizing the U.S. over international rules.
This is typical unilateralism, protectionism, and economic bullying.
Well, that was Chinese foreign ministry spokesman Lin Jiang.
And speaking in the past hour at the White House, President Trump had this to say.
We have many, many countries that are coming to negotiate deals with us, and they're going to be fair deals.
And in certain cases, they're going to be paying substantial tariffs.
They'll be fair deals.
As you know, I spoke this morning with the Prime Minister of Japan, and we had a very good conversation.