"Trump" Announces that it will impose 100% additional tariffs on China
Trump said that the new duties are in addition to US export controls on "Any and all underlying software" It will come into force from November 1, in response to Beijing’s measures he considered "Very aggressive"
He added in a post on his Truth Social platform "It is impossible to believe that China would do such an act, but they did, and the rest is known"
Stock markets declined with the renewed trade war between the United States and China. The Nasdaq index fell by 3.6% and the Standard & Poor’s 500 index fell by 2.7%.
In May, Washington and Beijing reached an agreement aimed at calming tensions, which stipulated temporarily reducing customs duties to 30% on Chinese products imported into the United States. And 10% on American goods imported into China.
Trump’s threat to impose additional tariffs came in a lengthy surprise post on his Truth Social platform, in which he said that China had sent letters to countries around the world detailing export controls on rare earths.
Rare earth elements are essential in Manufacturing everything from smartphones and electric vehicles to military equipment and renewable energy technologies. China dominates the production and processing of these materials globally.
Trump wrote "China cannot be allowed to hold the world hostage"considering her position "Very hostile"
Then, he cast doubt on his plans to meet Xi Jinping at the Asia-Pacific Economic Cooperation (APEC) summit later this month.
This was supposed to be the first meeting between the leaders of the world’s two largest economies since Trump returned to the White House for a second presidential term in January.
He wrote "I was scheduled to meet President Xi Jinping in two weeks at the Asia-Pacific Economic Cooperation Forum in South Korea, but now there appears to be no reason to."
Trump later told reporters in the Oval Office that he had not canceled the meeting.
He said "I haven’t canceled the meeting, but I don’t know if we’ll hold it. But I’ll be there regardless, so I suppose we’ll make it happen".
– Lurk" –
The US President said that he does not understand why China decided to act now. He added "Very strange things happen in China! They become very aggressive".
He noted TrumpUntil other countries contacted the United States, expressing their anger at "Great trade hostility" By China, "Which suddenly appeared"
He also accused Beijing of"Lurking" Despite what he considered six months of good relations, which witnessed remarkable progress in placing TikTok operations in the United States under American supervision, as required by a law passed by Congress last year.
His outburst of anger came just weeks after he spoke about the importance of meeting with Xi at the APEC summit, and announced his intention to visit China next year.
And Washington and Beijing fought a warTariffsexchanged earlier this year raised fears of a halt to trade between the world’s two largest economies.
The two sides eventually agreed to calm tensions, but the truce was fragile.
US pressure
Trump said last week that he would pressure Xi over US soybean purchases, at a time when farmers are facing… The Americans, who were a key segment in his victory in the 2024 elections, are affected by the repercussions of his trade wars.
Earlier on Friday, China announced that it would impose duties "especially" on American ships in their ports in response to similar measures taken by the United States in April.
On the other hand, the American Communications Regulatory Authority announced that it had succeeded in removing "Millions" Chinese goods banned from commerce platforms.
FCC Chairman Brendan Carr said on XN "The Chinese Communist Party is engaged in a multi-pronged effort to plant unsafe devices in Americans’ homes and businesses".
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