US treasury chief accuses China of \u2018Leninist\u2019 trade tactics<\/a><\/figcaption><\/figure>\n<\/blockquote>\nTrump last week threatened to impose an additional 100% tariff on Chinese goods starting in November, marking a sharp escalation in tensions following Beijing’s decision to introduce tighter export restrictions on the export of rare-earths.<\/p>\n
While the policy does not explicitly target the US, American high-tech companies are highly dependent on Chinese rare-earth supplies.<\/p>\n
Earlier this year, Trump drastically raised the “reciprocal tariffs”<\/em> for China, which in certain cases exceeded 100%, although he later suspended the hike to allow trade talks to proceed, with the pause now extended until November 10. The current baseline tariff for China is now at 10%, although some goods face higher rates.<\/p>\nThe US leader also pressed Beijing to scale back purchases of Russian oil, arguing such flows help finance Moscow’s military. China has dismissed the remarks as “intimidation”<\/em> while Moscow has stressed that sovereign countries have the right to choose their own economic partners.<\/p>\nMeanwhile, in another sign of escalating tensions, Trump announced on Tuesday that the US would stop buying cooking oil from China, casting it as a response to Beijing paring back US soybean purchases.<\/p>\n
However, despite the ongoing back-and-forth, US Treasury Secretary Scott Bessent confirmed earlier this week that Trump and Xi are still scheduled to meet at the Asia-Pacific Economic Cooperation (APEC) forum in South Korea in late October.<\/p>\n","protected":false},"excerpt":{"rendered":"
The two countries are sparring over Beijing\u2019s rare-earth export controls The US and China are effectively in a trade war, President Donald Trump has said, while portraying tariffs on Beijing’s imports as vital for national security. Speaking to reporters on Wednesday, when asked if a failure to reach a trade…<\/p>\n
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