'A beautiful thing to behold': US president defends tariffs

US PRESIDENT DONALD TRUMP has defended his newly imposed tariffs, calling them a "very beautiful thing to behold". "We have massive financial deficits with China, the EU, and many others. The only way this problem can be cured is with tariffs, which are now bringing tens of billions of dollars into the USA. They are already in effect, and a beautiful thing to behold," he said on his social media platform, Truth Social. —AGENCIES

- Bloomberg

CHINESE PRESIDENT XI JINPING has called for strengthened efforts to "fully unleash" the country's consumption potential to spur growth amid a tariff war with the United States.

The Chinese leader said revitalising consumption, expanding domestic demand and enhancing investment efficiency are on top of the country's agenda, state-run broadcaster China Central Television reported on Monday, without specifying when and where he made those comments.

The leader added that boosting consumption will help spur the domestic economic cycle of the world's second largest economy, according to the report.