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President Donald Trump stated on Sunday that the United States aims to support China, not harm it, adopting a more conciliatory tone after recently threatening a 100% tariff increase on China’s exports. His comments on Friday, along with the possibility of canceling a planned meeting with Xi Jinping later this month, caused U.S. stock markets to decline sharply amid fears of reigniting the trade conflict between the two countries.
Trump tweeted Sunday on Truth Social, “The U.S.A. wants to help China, not hurt it!!!” adding that “respected President Xi (Jinping)… doesn’t want Depression for his country.” On Friday, Trump announced plans to implement additional tariffs starting November 1, citing what he described as “extraordinarily aggressive” Chinese restrictions on the rare earth industry, which is vital for manufacturing electronics, electric vehicles, military equipment, and renewable energy technologies. China, in response, accused Washington of unfair practices, with its Commerce Ministry calling Trump’s tariff threats a “classic example of double standards.”
Since September, Washington has intensified economic measures against Beijing. Currently, Chinese goods are subject to a 30% tariff, a rate imposed by Trump amid accusations that Beijing supports the fentanyl trade and engages in unfair trade practices. China’s retaliatory tariffs stand at 10%. A significant point of contention in recent trade negotiations has been rare earth elements, essential components for many technological and military applications. These minerals are primarily mined and processed in China, giving the country a dominant position in their supply chain.
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