Trump Threatens Tariff Increase Amid China’s Export Controls
President Trump indicated on Friday that he may increase tariffs on Chinese goods or consider other responses following China’s new regulations on rare earth elements and essential minerals.
In a detailed post on Truth Social, Trump expressed skepticism about meeting with Chinese President Xi Jinping at the upcoming summit in South Korea later this month, deeming Beijing’s actions as “amazing.”
“Depending on China’s comments regarding the antagonistic ‘order’ they just issued, I, as President, may have to respond economically,” Trump stated. “For every element they’ve managed to monopolize, we’ve got two. We never expected this scenario, but perhaps the time has come now.”
“It might be tough at first, but ultimately, it’s going to benefit the United States. One option we’re looking at is significantly raising tariffs on Chinese imports,” Trump continued. “There are several other strategies under serious consideration as well.”
This week, China revealed that foreign companies must secure a permit to export items containing over 0.1% rare earths that are sourced or processed in China.
Rare earths and critical minerals play crucial roles in various products, including cars, semiconductors, and electronics like laptops.
“This was really unexpected, not just for me, but for every free-world leader. I had plans to meet with President Xi at the APEC summit in South Korea in two weeks, but now, I can’t see the point,” Trump remarked on Truth Social.
Trump criticized the timing of China’s announcement, pointing out that it followed the Trump administration’s announcement of a peace agreement aimed at ending conflicts in Gaza and the release of Israeli hostages.
“I’ve always believed they were biding their time, and once again, I was proven right! China shouldn’t be allowed to keep the world ‘in captivity.’ It seems this has been their strategy for quite a while. Their secret accumulation of ‘magnets’ and other elements to create a monopolistic hold is quite a sinister and hostile maneuver,” he wrote.
Last month, Trump had indicated he would meet with Xi on the sidelines of the APEC summit in South Korea. Trump also spoke with Xi by phone on September 19, discussing trade, the situation in Ukraine, and matters surrounding TikTok.
Throughout his second term, Trump has expressed positive sentiments toward Xi, even as his administration has enforced tariffs related to the influx of fentanyl into the U.S. and maintained other tariffs from his first term.
