China President Slams Trump's Tariffs, Says 'No Winners' in Trade War
By Amanda Castro
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Chinese President Xi Jinping began a high-profile diplomatic tour of Southeast Asia on Monday with a pointed message: "There are no winners in a trade war." His comments come as the U.S. under President Donald Trump maintains steep tariffs on Chinese goods, despite a recent pause on new duties.
What to Know:
Xi's visit to Vietnam, Malaysia, and Cambodia comes as China looks to strengthen regional alliances amid tensions with the U.S.
Trump has kept in place tariffs as high as 145% on some Chinese exports.
Southeast Asia, wary of economic fallout, is watching U.S.-China trade moves closely.
On Sunday, Trump doubled down on his trade stance, writing on Truth Social: "NOBODY is getting 'off the hook'... especially not China which, by far, treats us the worst!"
Trump clarified that no tariff exceptions were made Friday and that high-tech goods remain under a "different Tariff 'bucket'" but are still subject to existing 20% duties.
Stay with Newsweek for the latest.
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09:29 AM EDT
Kevin Hassett responds to White House insider trading fears
The top economic adviser at the White House rejected suggestions that there may have been insider trading in relation to President Donald Trump's decision to pause his reciprocal tariffs.
Democrats in Congress are pushing for an investigation into the potential for insider trading after the dramatic swings in the stock markets. Before announcing his tariff pause, Trump had posted to Truth Social that it was a great time to buy.
"There was no insider trading at the White House," Kevin Hassett, director of the National Economic Council, said in an interview with Fox Business's Maria Bartiromo on Monday morning.
"But I can say that when there are big movements in markets, there are people around town that investigate and make sure that nothing funny was happening.
"The issues will be investigated by the right officials, but I'm sure it's not anything to do with the White House."
Ahead of Trump's announcement that he would pause his reciprocal tariffs on all but China for 90 days, allowing time for negotiations, the S&P 500, Nasdaq Composite Index, and Dow Jones Industrial Average were down by several percent, having shed trillions of dollars in value.
Investors foresaw a recession as a consequence of Trump's trade war, and a huge global sell-off ensued. But Trump's pause sent stocks surging by several percent again as investors returned on the news, adding back earlier losses.
"THIS IS A GREAT TIME TO BUY!!!" Trump posted on Truth Social hours before announcing that he had paused his reciprocal tariffs.
Read the full story by Shane Croucher on Newsweek.
Now
09:16 AM EDT
Trump lashes out at '60 Minutes' after Ukraine, Greenland reports
Trump criticized 60 Minutes on Sunday night following the CBS program's reports on Ukraine and Greenland. Posting on Truth Social, Trump accused the network of defamation and claimed it should "pay a big price" for what he described as repeated attacks.
"Almost every week, 60 Minutes mentions the name 'TRUMP' in a derogatory and defamatory way, but this weekend's 'broadcast' tops them all," he wrote, urging the FCC to issue severe fines for what he called "unlawful and illegal behavior."
CBS has not responded publicly. Trump is currently suing 60 Minutes for $20 billion over an interview with Kamala Harris that he claims was edited to favor her. Reports suggest potential settlement talks between his legal team and CBS' parent company are ongoing.
08:57 AM EDT
White House says China's rare earth export limits are 'concerning'
White House economic adviser Kevin Hassett said the Trump administration is closely watching China's move to restrict exports of some rare earth minerals.
"These limits are being studied very carefully, and they're concerning," Hassett told reporters Monday, adding that officials are considering all options.
Rare earth elements are essential to tech and electronics manufacturing. Hassett also told Fox Business earlier that the administration was "100% not" expecting a recession despite escalating trade tensions.
08:44 AM EDT
Judge presses Trump officials on man mistakenly deported to El Salvador prison
The Trump administration said it is aware that Kilmar Abrego Garcia, a Maryland man mistakenly deported, is being held in a high-security prison in El Salvador.
In response to U.S. District Judge Paula Xinis' demand for daily updates, a State Department official confirmed Abrego Garcia is alive and detained at the Terrorism Confinement Center in San Salvador. Judge Xinis had ordered the government to detail his location, condition, and what was being done to bring him back.
Abrego Garcia's lawyers are pushing for immediate action, including his release and return to the U.S. But the administration objected, citing diplomatic sensitivity and Salvadoran President Nayib Bukele's visit to Washington.
Officials said they would provide updates "as appropriate" and warned that a court order compelling further action could interfere with international relations.
08:31 AM EDT
Xi says no one wins in a trade war during Southeast Asia visit
Chinese President Xi Jinping warned against escalating trade tensions as he began a diplomatic tour of Southeast Asia on Monday. In a message aimed at contrasting China's approach with that of U.S. President Donald Trump, Xi called for cooperation and open trade.
"There are no winners in a trade war, or a tariff war," Xi wrote in a joint editorial published in Vietnamese and Chinese state media. His remarks come as the U.S. maintains 145% tariffs on Chinese imports, despite a recent pause on some duties.
Xi's first stop was Vietnam, where he met with top leaders and signed cooperation agreements, including a commitment to accelerate a $8 billion cross-border railway. The visit was seen as a strategic move to bolster China's influence in the region and counter U.S. trade actions.
Vietnam, which has benefited from companies shifting supply chains away from China, also faces scrutiny from the U.S. over alleged transshipment of Chinese goods. Xi is expected to continue his trip in Malaysia and Cambodia later this week.
08:12 AM EDT
List of products exempt from Trump tariffs including smartphones, laptops
Donald Trump on board Air Force One
President Donald Trump speaks to the reporters on board Air Force One on the way to Miami, Saturday, April 12, 2025. Pool via AP
The Trump administration has issued a temporary exemption for a wide range of electronics—including smartphones and laptops—from sweeping tariffs, offering relief to tech companies and consumers amid escalating trade tensions with China.
The U.S. Customs and Border Protection (CBP) updated its tariff guidelines Friday night to list 20 product categories exempt from the "reciprocal" tariffs introduced under Executive Order 14257.
The exemptions, effective retroactively from April 5, apply to goods such as automatic data processing machines, semiconductors, and flat-panel displays.
"These products are subject to the existing 20% Fentanyl Tariffs, and they are just moving to a different Tariff 'bucket,'" Trump wrote on Truth Social. "We are taking a look at Semiconductors and the WHOLE ELECTRONICS SUPPLY CHAIN in the upcoming National Security Tariff Investigations."
The White House confirmed that tariffs collected after April 5 on these items will be refunded through standard Customs procedures (White House Memorandum). Trump and his officials have insisted the relief is temporary (USA Today), with new semiconductor-focused tariffs expected within months.
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