Trump threatens "massive" tariff hike on China over rare earths row
On Friday, President Donald Trump threatened to impose a "massive increase of tariffs" on Chinese products imported into the United States in response to export controls that China imposed on rare earths from the country.
Trump also threatened in a social media post to cancel his upcoming meeting with Chinese President Xi Jinping because of the dispute, News.Az reports citing foreign media.
Stock markets dropped after Trump’s bellicose Truth Social post about China.
China’s Ministry of Commerce on Thursday said that foreign entities must now obtain a license to export products that contain more than 0.1% of rare earth sourced from that country, or that are manufactured using Chinese extraction, refining, magnet-making or recycling technology.
The new rules in rare earths exports are set to take effect on Dec. 1.
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