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Premier Li Qiang expressed confidence in China’s economic resilience, noting that Beijing has sufficient policy tools to "fully offset" external shocks, including the latest tariff threats from U.S. President Donald Trump. In a call with European Commission President Ursula von der Leyen on Tuesday, Li said China’s macroeconomic policies have accounted for uncertainties and emphasized confidence in sustained growth this year. He reaffirmed Beijing's commitment to stable, long-term economic development. Both Europe and China are bracing for major impacts from Trump’s reciprocal tariffs. Europe faces an additional 20% levy, while China will be hit with a steep 104% surtax, effective from 12:01 AM EDT on April 9. Separately, China’s Foreign Ministry criticized the use of tariffs as economic pressure, calling such tactics unproductive and harmful to all parties involved.

周三，上证综指下跌1.9%，至3100点以下，而深证成指下跌0.9%，至9340点，扭转了前一交易日的涨势，因为美国总统唐纳德·特朗普将对中国征收高达104%的关税，这似乎是一场全面的贸易战。北京最近发誓要“战斗到底”，并承诺加大对美国出口的报复力度。与此同时，白宫新闻秘书卡罗林·莱维特表示，特朗普不会放弃他的关税计划，并补充说，中国“想达成协议，他们只是不知道该怎么做”。周三，贵州茅台（-1.3%）、力士精密（-3.1%）、歌尔（-7.5%）、比亚迪公司（-2.6%）和现代安培（-2.7%）的关税明显下降。周二，中国股市反弹，北京方面通过推动国有金融机构增持国内股票，加大了对资本市场的支持力度。

The Shanghai Composite fell 1.9% to below 3,100 while the Shenzhen Component lost 0.9% to 9,340 on Wednesday, reversing gains from the previous session as US President Donald Trump is set to impose a hefty 104% tariff on China in what appears to be an all-out trade war. Beijing recently vowed to “fight to the end” and pledged to escalate its retaliation on US exports. Meanwhile, White House Press Secretary Karoline Leavitt said that Trump will not back down on his tariff plans, adding that China “wants to make a deal, they just don’t know how to do it.” Notable declines were seen on Wednesday from Kweichow Moutai (-1.3%), Luxshare Precision (-3.1%), Goertek (-7.5%), BYD Company (-2.6%), and Contemporary Amperex (-2.7%). On Tuesday, Chinese stocks rebounded as Beijing ramped up support for its capital markets by pushing state-owned financial institutions to load up on domestic shares.

周三，离岸人民币兑美元汇率攀升至7.38，在美元贬值的支撑下，从连续三个交易日的下跌中反弹。美元的下跌在很大程度上是由于人们对美国总统唐纳德·特朗普激进关税政策的经济损害日益担忧。美国宣布，对中国进口商品征收104%的关税将在午夜后生效，引发了人们对经济增长放缓和通货膨胀加剧的担忧。此举是在特朗普政府同意与包括日本在内的其他贸易伙伴展开谈判之际做出的。作为回应，中国承诺“战斗到底”，商务部指责美国“勒索”随着紧张局势的加剧，中国政策制定者召开了高级别会议，以加快旨在刺激消费和稳定市场的刺激措施，预计财政支持将缓解经济。

The offshore yuan climbed toward 7.38 per dollar on Wednesday, rebounding from three consecutive sessions of losses, supported by a depreciating US dollar. The decline in the greenback was largely fueled by increasing concerns over the economic damage of US President Donald Trump's aggressive tariff policies. The US announced that 104% tariffs on Chinese imports would take effect just after midnight, sparking fears of slower growth and rising inflation. This move came even as the Trump administration agreed to initiate talks with other trading partners, including Japan. In response, China pledged to 'fight to the end,' with its Ministry of Commerce accusing the US of 'blackmail.' As tensions mount, Chinese policymakers have convened high-level meetings to fast-track stimulus measures aimed at stimulating consumption and stabilizing markets, with fiscal support expected to cushion the economy.

倒计时，还有不到3个小时：美国从中国进口的商品在午夜面临104%的关税。美国记者查尔斯·加斯帕里诺表示，特朗普之所以继续推进，是因为他收到的建议是，“华尔街股市的动荡虽然很大，但主街经济不会出现类似的动荡”。

Counting down, less than 3 hours to go: US Imports from China face 104% tariff at midnight.US journalist Charles Gasparino says Trump is pressing ahead due to advice he has received that "the tumult in on Wall Street in stock market, while significant, will not be matched by a similar tumult in the Main Street economy".