Economist Steve Moore blamed China for Friday’s steep market losses, calling Beijing the “real villain” behind the sell-off and accusing it of launching what he described as an “economic declaration of war” against the United States.
Appearing on Jesse Watters Primetime on Fox News, Moore said the second consecutive day of sharp market declines — capped by a 2,200-point plunge in the Dow Jones Industrial Average — was driven by China’s retaliatory move against President Donald Trump’s sweeping new tariffs.
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“The real villain here is China,” Moore told host Jesse Watters. “The reason the market tanked today is because China tried to retaliate against it. I think that was like an economic declaration of war against the United States.”
The comments come just days after the Trump administration announced a 10% baseline tariff on imports from more than 60 countries, including higher, reciprocal tariffs aimed at nations with steep barriers to U.S. goods. China, which currently imposes an estimated 67% average tariff on American products, was targeted with a 34% tariff in response.
China quickly fired back, with its Finance Ministry announcing Friday that it will impose a 34% tariff on all U.S. imports starting April 10.
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Moore, a longtime Trump ally and former economic adviser, argued that China’s aggressive response underscores the stakes of the ongoing trade confrontation and the need for a coordinated international strategy.
“They are an enemy of the United States. They’re engaged in predatory trade practices. They don’t play by the rules. They cheat, and they steal,” Moore said. “That’s the country we have to bring to heel here.”
While Wall Street reacted sharply to the rising trade tensions, Moore remained optimistic about the long-term outlook, insisting the U.S. holds the upper hand.
“They cannot win a trade war with the United States. They cannot possibly win that,” he said. “And Trump is using that leverage to force them to play by the rules.”
President Trump echoed that sentiment in a post on Truth Social, responding to China’s retaliation by declaring that Beijing had “played it wrong” and predicting that his economic policies will ultimately result in a “boom” for U.S. markets.
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Markets, however, have not yet responded in kind. Friday’s losses came on the heels of Thursday’s 1,679-point drop, marking one of the worst two-day stretches for the Dow in recent memory. Despite the turbulence, the Trump administration has maintained that the tariffs are part of a broader plan to secure American manufacturing, rebuild the industrial base, and strengthen national economic security.
Moore called on U.S. allies to rally behind the effort.
“We need to unify the free world — Europe, Japan, Canada, Australia — to say to China: if you don’t play by the rules, we’re all going to cut you off from our markets,” he said.
The standoff between Washington and Beijing adds a volatile new chapter to the global economic landscape as the Trump administration pursues its “Make America Wealthy Again” trade strategy.
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