US President Donald Trump announced on his personal page on the Truth Social platform that difficult times lie ahead for the United States, but the ultimate outcome will be historic.
Trump wrote: "This is an economic revolution, and we will prevail. Hold on tight. It won't be easy, but the end result will be historic."
Meanwhile, the US president emphasized that the United States did not suffer as much as China, which, he said, lost much more.
Trump imposed a 34% tariff on imported Chinese products. The new tariffs are in addition to the 20% tariff previously imposed.
According to Chinese data, total Chinese goods exports to the United States exceeded $500 billion last year.
In response, Chinese President Xi Jinping's government announced last Friday that it would impose a 34% tariff on all imports from the United States, effective April 10.
The Chinese Foreign Ministry also announced in a statement on Saturday that it had "placed 27 US companies on export control or embargo lists." It added that 16 of these companies were banned from exporting dual-use civilian and military products, while the other 11 were placed on "unreliable enterprises" lists.