The Chinese government vowed to retaliate against the United States if President Donald Trump does not walk away from his threat of imposing 100% tariffs on Chinese imports due to Beijing’s newly introduced restrictions on rare earth exports.
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President Trump countered by announcing the imposition of 100% tariffs on China beginning on November 1st.
China’s commerce ministry criticized President Trump for threatening to impose devastating tariffs on Chinese exports to the United States, vowing to enact countermeasures as the potential trade war with China heats up.
“Wilful threats of high tariffs are not the right way to get along with China,” a spokesperson for the Chinese commerce ministry stated on Sunday. “China’s position on the trade war is consistent. We do not want it, but we are not afraid to fight.”
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Beijing also dismissed President Trump’s criticism over the nation’s decision to restrict Chinese rare earth minerals, labeling it a “classic case of ‘double standards.’”
The Chinese commerce ministry spokesperson pointed towards the Trump administration’s “discriminatory” trade restrictions on high-end semiconductors as an example of the “double standards.”
Beijing’s decision to double down on its restriction of rare earth minerals critical to the U.S. defense industry, electric vehicle production, and medical scanning equipment, indicates its willingness to weaponize its global dominance over the critical mineral supply chain.
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The exchange of threats to economic trade between the world’s two largest economies led the S&P to plummet by more than 2% on Friday, representing its worst day since April.
Despite the escalating trade war, President Trump posted a Sunday update on Truth Social, attributing the tensions to Chinese President Xi Jinping having “a bad moment.”
“Don’t worry about China, it will all be fine! Highly respected President Xi just had a bad moment. He doesn’t want Depression for his country, and neither do I. The U.S.A. wants to help China, not hurt it!!!” Trump wrote.