China accuses Trump of “hypocrisy” and defends restricting exports of rare earths
Today, Sunday, China described The new tariffs imposed by US President Donald Trump on Chinese goods as… "Double standards and hypocrisy"defending the restrictions it imposed on exports of rare earths and exploration equipment, without imposing new duties on American products.
China restricted exports of 12 out of 17 minerals after the Chinese Ministry of Commerce added five of them on Thursday.
US President Donald Trump responded, on Friday, to the recent export controls imposed by Beijing, by imposing duties An additional 100% tariff on Beijing’s exports destined for The United States, in addition to new export controls on vital software by the first of next November.
Trump accused Beijing of suddenly raising trade tensions after reaching a temporary truce 6 months ago between the two largest economies in the world, which allows the exchange of goods without imposing heavy customs duties.
On the other hand, the Chinese Ministry of Commerce said, in a statement, that the export controls that… Its imposition on rare earth elements follows a series of US measures since bilateral trade talks in Madrid last month.
She added that "The US actions have seriously harmed China’s interests and undermined the atmosphere of bilateral economic and trade talks, which we strongly oppose."
Beijing cited the addition of Chinese companies to the US trade blacklist, and Washington’s imposition of port fees on ships linked to China as examples.
The renewed trade war between the two sides led to unrest in The American Stock Exchange, as shares of major technology companies fell, while it is expected that these developments will lead to the cancellation of the summit between Trump and Chinese President Xi Jinping scheduled to be held later this October.
China produces more than 90% of the processed rare earth metals and magnets in the world. These metals are essential materials in a variety of products, from electric cars to aircraft engines and military radars.
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