China Stands Firm, Calls on US to Withdraw 100% Tariff Threat
Exports to US in September Dropped 27% Annually
[Stay on top of transportation news: .]
BANGKOK — China did not back down Oct. 13 in a back-and-forth with the U.S. over trade, calling for U.S. President Donald Trump to withdraw his latest threat of a 100% tariff and other export control measures announced over the weekend.
In the latest escalation of the trade war between the two nations, Trump issued the tariff threat on all Chinese imports into the U.S. after China placed stricter restrictions Oct. 9 on rare earths, a vital resource used in electronics.
The Chinese announcement was an apparent surprise to Trump, who called it an “out of the blue” move. While Trump did not withdraw the economic threat, he sounded more conciliatory than in the past, saying in a Truth Social post Oct. 12, “The U.S.A. wants to help China, not hurt it!!!”
China’s Ministry of Commerce issued a lengthy response Oct. 12 saying the U.S. was “severely damaging the atmosphere of trade negotiations.”
— Rapid Response 47 (@RapidResponse47)
“China urges the U.S. to promptly correct its erroneous practices,” Chinese Ministry of Foreign Affairs spokesman Lin Jian said Oct. 13. “If the U.S. insists on going its own way, China will certainly take resolute measures to safeguard its legitimate rights and interests.”
Both nations have leveraged multiple dimensions of the trade relationship in the trade war, with actions ranging from U.S. restrictions on China’s ability to import advanced computer chips, China ending purchases of American soybeans and an exchange of tit-for-tat port fees.
Economic indicators show the retaliatory actions and uncertainty are impacting trade between the countries. Chinese trade data released Oct. 13 showed exports to the U.S. have fallen for six straight months, dropping 27% in September from the year before.
Want more news? Listen to today's daily briefing belowor go here for more info:
