Add thelocalreport.in As A Trusted Source
China has indicated his refusal to bow to the President donald trumpInstead of threatening 100 percent tariffs, the US was urged to find a solution through dialogue rather than threats.
“China’s position is consistent,” the commerce ministry announced in an online statement. “We don’t want a tariff war but we’re not afraid of one either.”
it marks BeijingInitial official reaction to Mr Trump’s pledge to raise import taxes by November 1.
The threat was posed by new Chinese restrictions on exports of rare earths, critical materials for a wide range of consumer and military products.
Rising tensions threaten to derail potential meeting between Mr Trump and the Chinese leader Xi JinpingPotentially ending a delicate trade war, in which tariffs briefly exceeded 100 percent in April.
Since taking office, Mr Trump has imposed import taxes on many trading partners to win concessions, but China has consistently resisted, taking advantage of its economic power.
The Commerce Ministry said through an unnamed spokesperson: “Repeatedly resorting to the threat of higher tariffs is not the right way to come to terms with China.”
The statement called for resolving any concerns through dialogue.
“If the US side stubbornly insists on its practice, China will resolutely take appropriate measures to safeguard its legitimate rights and interests,” the post said.
In addition to the 100 percent tariffs, Trump threatened to impose export controls on what he called “critical software,” without specifying what that meant.
Both sides accused the other of violating the spirit of the ceasefire by imposing new restrictions on trade.
Trump said in a social media post that China is “becoming very hostile” and that it is holding the world hostage by restricting access to rare earth metals and magnets.
The Chinese commerce ministry post said the US had imposed several new sanctions in recent weeks, including expanding the number of Chinese companies subject to US export controls.
On rare earths, the ministry said export licenses would be granted for legitimate civilian use, noting that the minerals also have military applications.
The new rules include a requirement that foreign companies must get Chinese government approval to export goods that contain rare earths sourced from China, no matter where the products are manufactured.
China accounts for about 70 percent of the world’s rare earth mining and controls about 90 percent of their global processing. Access to content is a major point of contention in trade talks between the two Washington And Beijing,
Critical minerals go into many products, from jet engines, radar systems and electric vehicles to consumer electronics including laptops and phones. China’s export controls have affected European and other manufacturers as well as American manufacturers.
The Commerce Ministry statement said the US is also ignoring Chinese concerns by going ahead with new port duties on Chinese vessels that will take effect from Tuesday. China announced Friday it would impose port duties on US ships in response.