China Says Market Has Spoken After Us Tariffs Spark Selloff

China said on Saturday the market has spoken in rejecting US President Donald Trumps tariffs, and called on Washington for equal-footed consultation after global markets dramatic reaction to the trade levies, which drew Chinese retaliation.

Several Chinese commerce associations in industries from healthcare and textiles to electronics also issued statements on Saturday calling for unity in exploring alternative markets and warning that the tariffs would worsen inflation in the US.

The market has spoken, Chinese foreign ministry spokesperson Guo Jiakun said in a post on Facebook on Saturday morning. He also posted a picture capturing Fridays falls on US markets.

Trump introduced additional 34 tariffs on Chinese goods as part of steep levies imposed on most US trade partners, bringing the total duties on China this year to 54.

Trump also closed a trade loophole that had allowed low-value packages from China to enter the US duty-free.