Tuesday, 02 January 2024 12:17 GMT

Trade Talks Stall? Why Donald Trump Imposed Export Controls, Aditional 100% Tariffs On China From November 1


(MENAFN- Live Mint) United States President Donald Trump on October 10 accused China of being“extraordinarily aggressive” in their rare earth minerals curbs, stating that the US would in turn impose additional 100 per cent tariffs on Chinese goods coming into the country and limit export of critical software.

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In a long post on Truth Social, Donald Trump wrote,“It has just been learned that China has taken an extraordinarily aggressive position on Trade in sending an extremely hostile letter to the World, stating that they were going to, effective November 1st, 2025, impose large scale Export Controls on virtually every product they make, and some not even made by them. This affects ALL Countries, without exception, and was obviously a plan devised by them years ago. It is absolutely unheard of in International Trade, and a moral disgrace in dealing with other Nations.”

“Based on the fact that China has taken this unprecedented position, and speaking only for the U.S.A., and not other Nations who were similarly threatened, starting November 1st, 2025 (or sooner, depending on any further actions or changes taken by China), the United States of America will impose a Tariff of 100% on China, over and above any Tariff that they are currently paying. Also on November 1st, we will impose Export Controls on any and all critical software,” he added.

He warned,“It is impossible to believe that China would have taken such an action, but they have, and the rest is History.”

Also Read | Trump's meeting with Xi Jinping cancelled? US President clarifies US-China trade talks stall?

Speaking to reporters at the White House, Donald Trump later expressed doubt over the anticipated meeting with Chinese President Xi Jinping in South Korea would happen.

The meeting was expected in three weeks, but Trump in another post wrote that“now there seems to be no reason to do so.” Notably, this is the biggest rupture in relations in six months between Beijing and Washington, Reuters reported.

“I haven't cancelled. I would assume we might have it. Beijing has never confirmed the meeting,” Donald Trump told reporters, it added.

(With inputs from Reuters)

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