U.S. President Donald Trump has reignited the trade war against China, announcing plans to sharply increase tariffs in response to China's curbs on exports of critical minerals, according to media reports. On his social media platform Truth Social, Trump said he would impose 100 percent tariffs on Chinese imports, above any tariffs they currently pay, starting November 1, along with new export controls on "any critical software." Along with the threat of tariffs, Trump said he saw no reason to continue his planned meeting with Chinese President Xi Jinping at the upcoming APEC summit in South Korea.
These latest statements from Trump come as China expanded its export controls on rare earth elements, materials needed to make electric vehicles, airplanes and military equipment. Trump called the Chinese move "shocking" and "very, very bad" that requires a strong response.
China currently dominates the global market for these materials, producing more than 90 percent of the world's processed rare earth metals.
Trump also hinted at further measures, including potential controls on exports of aircraft and parts, saying Washington must "financially confront" what it called China's "hostile order."
