By Ryan Hanrahan
Reuters’ Trevor Hunnicutt reported that “President Donald Trump revived the trade war against Beijing on Friday, ending an uneasy truce between the two largest economies with promises to sharply hike tariffs in a reprisal against China curbing its critical mineral exports. The president unveiled additional levies of 100% on China’s U.S.-bound exports, along with new export controls on ‘any and all critical software’ by November 1, nine days before existing tariff relief is set to expire.”
“Trump also called into question the prospects for a previously announced meeting set for three weeks from now with Chinese President Xi Jinping in South Korea, saying on Truth Social that ‘now there seems to be no reason to do so,'” Hunnicutt reported. “‘I haven’t canceled,’ Trump later told reporters at the White House. ‘I would assume we might have it.’ Beijing has never confirmed the meeting.”
“The new trade steps were Trump’s reaction to China dramatically expanding its rare earth element export controls. China dominates the market for such elements, which are essential to tech manufacturing,” Hunnicutt reported. “…The actions signaled the biggest rupture in relations in six months between Beijing and Washington – the world’s biggest factory and its biggest consumer. Many questioned whether an uneasy economic detente reached over the summer can survive.”
Source : illinois.edu