Trump reignites trade war with China with 100% threatening global economy chaos | World | News
Donald Trump has warned he will impose export controls on “virtually every product” coming out of China as he threatens to reignite the trade war with Beijing. The US president announced this move on the Truth Social platform on Friday, October 10.
Mr. Trump lashed out after Beijing imposed restrictions on exports of rare earth elements, which are critical for the production of everything from consumer electronics to jet engines. Rising tensions between the world’s largest economies led to widespread declines on Wall Street; Nearly six in seven stocks in the S&P 500 fell.
In his Truth Social salvo, Mr. Trump accused China of taking an “extraordinarily aggressive position” on trade. He said Beijing had sent an “extremely hostile” letter to the world stating that from November 1, China would impose large-scale export controls on almost every product produced by the country, “even some that are not produced by it”.
The president, who announced sweeping tariffs on imports of goods into the United States earlier this year, said the move would affect all countries, adding that it was “absolutely unheard of” in international trade and a “moral disgrace” in relations with other countries.
In retaliation, Mr. Trump said the United States would impose 100% tariffs on China “over and above” the taxes the country already pays and export controls on “all forms of critical software” starting Nov. 1.
He finished his message by saying: “It is impossible to believe that China would make such a move, but they did, and the rest is history (sic). Thank you for your interest in this matter!”
