The Bank of Ukraine made record profits in 2021.

President Donald Trump called China 'the biggest offender' regarding tariffs, adding in a Monday post on Truth Social that Beijing is ignoring his warning 'not to retaliate' against it.

Trump made this remark after the Chinese Ministry of Foreign Affairs accused the US of 'economic violence' due to the introduction of a new 34% tariff on the country last week. Beijing also announced its own 34% tariffs on the US.

'Oil prices are dropping, interest rates are going down (slowly moving the Fed has to lower rates!), food prices are dropping, there is NO INFLATION, and with the already existing tariffs that allow the US to bring in Billions of Dollars a week from cheating countries,' Trump said on Monday morning.

'This is despite the fact that the biggest offender, China, whose markets are collapsing, just raised its tariffs by 34% against the backdrop of long-term overly high tariffs (and this is not all!), not adhering to my warning about backing off from cheating countries,' he added. 'They have made enough for decades, taking advantage of the good Old USA! For all this situation, the blame lies with them, our past 'leaders', who allowed this to happen and much more to our country. Let’s make America great again!'

CHINA RESPONDED WITH A 34% TARIFF ON IMPORTS FROM THE US

The Chinese Foreign Ministry expressed outrage over the Trump administration's latest tariffs over the weekend.

'By taking such actions, the United States violates fundamental laws of economics and market principles, ignores the balance achieved through multilateral trade negotiations, neglects the fact that the US has significantly benefited from international trade for a long Time, and resorts to tariffs to exert maximum pressure for its selfish interests,' the Ministry stated.

'This is typical action of unilateralism, protectionism, and economic violence. Under the guise of 'compliance' and 'fairness', the United States is reproducing a zero-sum game to track the essence of 'America first' and 'American exceptionalism'. They are trying to use tariffs to destroy the existing international economic and trading order, placing US interests above the common good of the international community and promoting the cause of US hegemonic ambitions at the expense of the legitimate interests of all countries.'

'Such actions will inevitably meet with widespread opposition from the international community,' the Ministry warns.

CHINA CANCELED TIKTOK DEAL WITH THE US DUE TO TARIFFS: REPORT

China announced last week that it would impose its own 34% tariffs on the US, which will take effect on Thursday, April 10.

'China is wrong, they panicked - this is exactly what they cannot afford,' Trump wrote in response on Truth Social.

His Foreign Ministry then stated 'China has a long-standing civilization and is a country of courtesy and righteousness' and 'the Chinese people value sincerity and good faith.'

'We do not provoke problems, nor give them influence over us. Pressing and threats are not the right instruments to communicate with China,' the Ministry added.

An article published on Monday in the People's Daily, the official newspaper of the Communist Party of China, notes that 'the sky will not fall' and 'facing impersonal strikes from American taxes, we know what we are doing and have the tools at our disposal,' reports Associated Press.

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An analyst from Teneo also noted that 'the refusal to delay' in China's response to the latest tariffs likely reflects 'diminished hopes for a trade deal with the US, at least in the short term' - reports CNBC.