China slams Trump’s 100 percent tariff threat, defends rare earth curbs

Beijing says it volition not backmost down successful the look of threats, urging the US to resoluteness differences done negotiations.

China has called United States President Donald Trump’s caller tariffs connected Chinese goods hypocritical arsenic it defended its curbs connected exports of uncommon world elements and equipment, portion stopping abbreviated of imposing further duties connected US imports.

In a lengthy connection connected Sunday, China’s Ministry of Commerce said its export controls connected uncommon earths, which Trump had labelled “surprising” and “very hostile”, were introduced successful effect to a bid of US measures since their commercialized talks held successful Madrid, Spain, past month.

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“China’s stance is consistent,” the ministry said successful a connection posted online. “We bash not privation a tariff warfare but we are not acrophobic of one.”

Trump connected Friday retaliated to the Chinese curbs connected uncommon world exports by announcing a 100 percent tariff connected Chinese exports to the US and caller export controls connected captious software, effectual from November 1.

Beijing cited Washington’s determination to blacklist Chinese firms and enforce larboard fees connected China-linked ships arsenic examples of what it called “provocative and damaging” actions, calling Trump’s tariff menace a “typical illustration of treble standards”.

“These actions person severely harmed China’s interests and undermined the ambiance for bilateral economical and commercialized talks. China firmly opposes them,” the ministry said.

Unlike earlier rounds of tit-for-tat tariffs, China has not yet announced immoderate countermeasures.

Rare earths person been a large sticking constituent successful caller commercialized negotiations betwixt the 2 superpowers. They are captious to manufacturing everything from smartphones and electrical vehicles to subject hardware and renewable vigor technology.

China dominates the planetary accumulation and processing of these materials. On Thursday, it announced caller controls connected the export of technologies utilized for the mining and processing of captious minerals.

The renewed commercialized tensions betwixt the world’s 2 largest economies besides hazard derailing a imaginable acme betwixt Trump and Chinese President Xi Jinping astatine the Asia-Pacific Economic Cooperation acme successful South Korea aboriginal this month. It would person been their archetypal face-to-face brushwood since Trump returned to powerfulness successful January.

The quality has besides rattled planetary markets, dragging down large tech stocks and worrying companies reliant connected China’s dominance successful uncommon world processing.

Meanwhile, Taiwan’s system ministry connected Sunday said China’s latest export restrictions connected uncommon world elements are improbable to interaction its semiconductor industry.

“The rare-earth elements covered by the expanded prohibition disagree from those required successful Taiwan’s semiconductor processes, truthful nary important interaction connected spot manufacturing is expected astatine this time,” the ministry said.

Taiwan, location to spot elephantine TSMC, said it sources astir of its uncommon world products from Europe, the United States and Japan.