Trump Threatens 100% Tariff on Beijing (X)
Trump Threatens 100% Tariff on Beijing: US President Donald Trump announced tough measures against China on Friday, threatening to impose additional tariffs of up to 100 percent and cancel a summit with President Xi Jinping. This dispute over controls on rare earth exports could once again ignite a US-China trade war.
Trump said the new tariffs and US export restrictions on critical software will take effect on November 1. He stated that these measures are being taken in response to China's "aggressive and unacceptable" behavior.
Trump wrote on Truth Social, "It's hard to believe China took such a step, but they did—and the rest is history."
The impact of the increasing tension between America and China was immediately visible on the global markets. The Nasdaq declined 3.6 percent, and the S&P 500 declined 2.7 percent.
Currently, a 30 percent US tariff is applicable on Chinese products. Trump had imposed this fee alleging China's role in the fentanyl trade and unfair trade policies. China has imposed a 10 percent tariff as a retaliatory measure.
Trump had warned China on social media just hours earlier, when Beijing sent letters to countries around the world regarding controls on rare earth exports. Rare earth metals are essential in the manufacturing of smartphones, electric vehicles, defense equipment, and renewable energy technology. China has global dominance over the production and processing of these minerals.
Trump described China's attitude as "hostile," saying, "China cannot be allowed to hold the world hostage."
Trump also indicated he would not meet Chinese President Xi Jinping at the Asia-Pacific Economic Cooperation (APEC) summit in South Korea this month. This was to be the first meeting of the two leaders after Trump came back to power in January.
“I was supposed to meet President Xi after two weeks, but I see no reason to do so now,” he said.
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