China calls on Trump to withdraw latest tariff threat
China called on President Trump to withdraw his latest tariff threat, warning that Beijing is prepared to retaliate if the U.S. president follows through with 100 percent tariffs.
In a press conference Monday, Chinese Foreign Ministry spokesperson Lin Jian was asked how China will respond to the tariff threat, which Trump made in response to a move from Beijing to tighten its control over certain critical minerals and rare earth elements.
“Instead of reflecting on its own mistakes, the U.S. has threatened high tariffs, which is not the right way to engage with China,” Lin said. “China urges the U.S. to correct its erroneous practices as soon as possible, and to follow the important consensus reached during the call between the two presidents.”
“If the U.S. insists on its own way, China will resolutely take corresponding measures to safeguard its legitimate rights and interests,” he added.
Trump announced Friday on Truth Social that he would impose a tariff of 100 percent on Chinese goods beginning Nov. 1 or sooner. Those tariffs would supersede existing duties already in place on Chinese goods.
The president said his administration would also place export controls “on any and all critical software.”
“It is impossible to believe that China would have taken such an action, but they have, and the rest is History,” Trump posted.
The threat against China sent the U.S. stock market on a tailspin, closing with sharp losses amid renewed fears of U.S.-China tensions.
On Sunday, Trump sought to assuage concerns in a post on Truth Social.
“Don’t worry about China, it will all be fine! Highly respected President Xi just had a bad moment. He doesn’t want Depression for his country, and neither do I,” Trump wrote. “The U.S.A. wants to help China, not hurt it!!!”
Chinese customs figures released on Monday showed China’s exports to the United States fell 27 percent in September, compared to the year before, even as its growth in global exports hit a six-month high, The Associated Press reported.
China’s global exports were 8.3 percent higher in September than they were last year, markedly better than the 4.4 percent year-over-year increase seen in August, the AP reported, noting the data surpassed economists’ expectations.