US stock futures rose Sunday after president Donald Trump said, “Don’t worry about China,” following an escalation in the war of words with Beijing on Friday (Oct. 10), reports CNN.
Stocks had closed sharply lower on Friday after Trump threatened an additional 100% tariff on Chinese goods, slated to take effect on Nov. 1. That would bring duties on imports from China to 130% — not far from the 145% rate imposed at the height of the tariff war.
China’s Ministry of Commerce on Sunday criticized Trump’s declaration, warning that Beijing “will take corresponding measures” if Washington proceeds.
But on Sunday afternoon, Trump appeared to hint that he may not follow through with his tariff threat, posting on Truth Social that “it will all be fine!”
Trump told reporters on Air Force 1 that China’s president Xi Jinping is “a great leader” and they have “a great relationship.” The comments were a shift from last week, when he said China was “becoming very hostile” after Beijing on Thursday ramped up export restrictions on critical rare earth minerals, which are used to produce consumer electronic products.