Trump threatens big tariff hike on China over rare earths
President Donald Trump on Friday threatened to impose a “massive Tariff increase” on Chinese products imported into the United States to “fiscally counteract” China’s new export controls on rare earth elements from that country.
Trump also threatened in a social media post to cancel his upcoming meeting with Chinese President Xi Jinping over the dispute.
Stock markets fell after Trump’s belligerent attitude Real Social post Of China, he said there was “no way” the country would be allowed to “hold the Earth ‘captive’ with its rare earth policy.”
“One of the policies we are currently considering is to substantially increase tariffs on Chinese products coming into the United States,” Trump wrote. “There are also many other countermeasures under serious consideration. Thank you for your interest in this matter!”
China Ministry of Commerce It said on Thursday that foreign entities must now obtain licenses to export products containing more than 0.1 percent rare earths sourced from this country or produced using Chinese extraction, refining, magnet-making or recycling technology.
New rules on rare earth exports will come into force on December 1.
U.S. and Chinese officials are working to organize a summit between U.S. President Donald Trump and Chinese President Xi Jinping in the coming months, most likely in Beijing, experts said.
Dilara İrem Sancar | Anatolia | Getty Images
“Very strange things are happening in China!” Trump wrote in his Truth Social post.
“They are being very hostile and sending letters to countries around the world stating that they want to impose Export Controls on every single element of Rare Earth related production and just about anything you can think of even if it is not produced in China,” Trump said. he wrote.
The president said he had not spoken to Xi about the issue because “there was no reason to do so.”
Trump said, “This was a real surprise, not just to me, but to all the Leaders of the Free World. I was supposed to meet President Xi at APEC in South Korea in two weeks, but there seems to be no reason to do that anymore.” he wrote. Asia-Pacific Economic Cooperation peak.
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