China vows to stand firm against Trump’s 100 per cent tariff threat
Both sides accuse each other of violating the spirit of the ceasefire by imposing new restrictions on trade.
Trump said China was “being very hostile” and was holding the world captive by restricting access to rare earth metals and magnets.
China’s new regulations require foreign companies to obtain special approval to export products containing even small traces of rare earth elements sourced from China. These critical minerals are needed in a wide range of products, from jet engines to radar systems and from electric vehicles to consumer electronics, including laptops and phones.
China accounts for approximately 70 percent of the world’s rare earth mining and controls approximately 90 percent of global rare earth processing. Access to supplies is a key point of contention in trade talks between Washington and Beijing.
The ministry post noted that the minerals also have military applications and said export licenses would be granted for legitimate civilian uses.
The Chinese Ministry of Commerce post stated that the United States has imposed many new restrictions in recent weeks, including increasing the number of Chinese companies subject to US export controls.
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He also noted that the United States is ignoring China’s concerns by continuing to impose new port fees on Chinese ships that will take effect on Tuesday. In response, China announced Friday that it would impose port fees on American ships.
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