China stands firm against Trump's 100% tariff threat, urging negotiations over threats. The Commerce Ministry emphasizes China's consistent stance, stating, 'We do not want a tariff war but we are not afraid of one.' This comes in response to Trump's threat to increase tariffs on Chinese imports by November 1st, citing new restrictions on rare earth exports. The back-and-forth threatens a potential meeting between Trump and Chinese leader Xi Jinping, as both sides accuse each other of violating the truce in their trade war. Trump's strategy of raising taxes on imports from various countries, including China, has not deterred China's resolve. The Commerce Ministry warns that frequent tariff threats are not an effective approach, advocating for dialogue to address concerns. China's stance is clear: it will take corresponding measures to protect its interests if the U.S. persists in its actions. Trump also threatened export controls on 'critical software,' adding to the tension. The dispute over rare earths, a key resource in various industries, highlights the trade tensions. China's export controls on rare earths, which have impacted European and American manufacturers, are a significant point of contention. The U.S. is also imposing new port fees on Chinese ships, prompting China to retaliate. This escalating trade war raises questions about the future of U.S.-China relations and the potential impact on global trade.
