Trump says he will impose new 100% tariff on China above current rates, effective November 1

United States President Donald Trump on Friday said that he would impose a 100% tariff on China “over and above any tariff they are currently paying”, effective November 1.

In a social media post, Trump said that China has “taken an extraordinarily aggressive position on trade” by sending a letter to the “world” announcing plans to impose large-scale export controls on “virtually every product they make and some not even made by them”.

“This affects all countries, without exception,” Trump said. “It is absolutely unheard of in international trade and a moral disgrace in dealing with other nations.”

He added that the new tariff would take effect on November 1 “or sooner, depending on any further actions or changes taken by China”.

Earlier in the day, Trump had said in a social media post that there was “no reason” to meet Chinese President Xi Jinping during his upcoming visit to South Korea.

The announcement came amid renewed trade tensions between Washington and Beijing and ahead of talks between the Chinese and American presidents later this month.

In April, China had imposed restrictions on exports of seven rare earth elements after Trump announced steep tariffs on several trading partners, including China.

Since May, the US and China have maintained a tentative trade understanding, with both sides agreeing to roll back some of the triple-digit tariffs on each other's goods.

China on Thursday said that it expanded its restrictions on rare earth exports, adding five new elements – holmium, erbium, thulium, europium and ytterbium – to its controlled list, Reuters reported.

These minerals are essential to industries such as smartphones, electric vehicles, fighter jets and missile systems.

Beijing's new measures also extend export controls to production technologies and overseas applications, including those used in the semiconductor and defence sectors, CNN reported.

The curbs will take effect between November and December this year.

Source: Scroll
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