The Dow Jones (DJIA) plummeted on Friday after President Trump said that China would face an additional 100% tariff on November 1 and was considering canceling a meeting with Chinese President Xi Jinping. However, Trump has now downplayed his earlier threat, sending the index higher and allowing investors to breathe a sigh of relief.
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“Don’t worry about China, it will all be fine! Highly respected President Xi just had a bad moment. He doesn’t want Depression for his country, and neither do I,” Trump said in a Truth Social post.
Trump-Xi Meeting ‘Will Still Be On,’ Says Bessent
Trump had previously scheduled to meet with Xi at the Asia-Pacific Economic Cooperation (APEC) Summit, which begins on October 31. That meeting is likely still in place, according to Treasury Secretary Scott Bessent.
“He will be meeting with party chair Xi in Korea — I believe that meeting will still be on,” Bessent said in an interview with Fox Business on Monday.
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