US President Trump Announces Additional 100 % Tariff On Goods From China As Beijing Restricts Rare-Earth Exports

The US President Donald Trump has said that the United States will impose an additional 100 per cent tariff on imports from China from next month in retaliation for new export controls Beijing is planning for valuable rare earth minerals. In a social media post, President Trump said the extra levies will come into effect on the 1st of November, adding that his administration will also impose its own export controls on critical software, effective on the same date. 
 
 
The 100 per cent tariff would add to the 30 per cent duties the United States is currently imposing on goods from China, meaning Chinese imports would have a total tariff rate of 130 per cent. President Trump later suggested he could roll back the tariffs if China scraps its export controls.
 
 
In an earlier post, President Trump hit back at Beijing’s move this week to tighten its rules for exports of rare earths, accusing China of becoming hostile and trying to hold the world captive.
 
 
He also threatened to pull out of a meeting with China’s President Xi Jinping on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in South Korea later this month. He later said he had not cancelled it, but that he did not know that if they were going to have it.
 
 
China, the world’s largest producer of rare earths, on Thursday announced that it will be expanding its curbs on exports to five additional elements and adding dozens of pieces of refining technology to its export control list. Beijing also announced new rules requiring compliance from foreign producers of rare earths that use Chinese materials.
The move reignites a trade war between the world’s two largest economies after the United States and China had for months maintained a truce that has kept tariffs on each other flat.