Elaine Yu talks about Beiing's reaction to U.S. President Donald Trump's latest tariff threats which puts global markets on edge

Washington

China has rejected recent threats from former U.S. President Donald Trump to impose a 100% tariff, following Beijing's announcement of tighter controls on rare-earth exports. The Chinese Ministry of Commerce stated that high tariff threats are not an appropriate way to engage and called on the U.S. to preserve the progress made in previous trade negotiations.

Beijing defended its rare-earth export controls as necessary for peace and stability, citing global military conflicts and the use of these materials in defense industries. Chinese officials and commentators framed the new controls as a response to expanded U.S. sanctions, including the addition of more Chinese companies to the U.S. entity list and the implementation of a 50% ownership rule for sanctions. Chinese analysts argue that the U.S. may be less able to withstand the economic impact of an escalated trade war.

Trade Showdown: U.S. and China lock horns again

Trump's latest threats are seen as a response to China's sweeping rare-earth controls that were announced last week and and Trump earlier described them as a rather sinister and hostile move but it now says it will all be fine and he said on True Social that a quote the highly respected President Xi just had a bad moment but in any case Beijing has signaled that it won't back down it won't yield after Trump's threats with the Ministry of Commerce saying in a statement yesterday that easily threatening high tariffs it's not the right way to engage with China and it also urged the u.s. to preserve the hard one progress of negotiations now the ministry also defended the rare-earth export controls that Beijing tightened and they say they don't amount to a full export ban and and said it's aimed at a safeguarding peace and stability given the frequent military conflicts around the world and also the fact that rare earth materials are used in the military fields but the ministry also slammed the u.s. for its series of new measures in quote just 20 days since the Madrid trade talks last month that listed more Chinese companies being added to the entity list and also this 50% rule where any entity that's at least 50% owned by a company that's on the entity list to be subject automatically to the same sanctions and and Beijing has highlighted that as a sore point and and said that affects thousands of Chinese companies Marty yeah the China reaction Elaine and the Mofcom statement why are they framing their own latest moves to tighten export controls on rare earths as retaliation as opposed to escalation you know and this thing's been going on for so many rounds it kind of hard to lose track on who started it first right right there are so many rounds of tit-for- tat tariffs and restrictions and and the way an influential and well-connected Chinese commentator by the name of chairman rabbit views it is that he said Beijing sees the Madrid talks last month as very constructive and now Beijing sees the new u.s. measures against China and Chinese entities as a moral insult or a betrayal of that negotiation spirit that they had with these multiple rounds of trade talks and also disrespect as well the the commentator said where see specifically had urged Trump to avoid unilateral moves so as not to do to derail these multiple rounds of trade talks and so he sees now China is counterattacking and and also the Chinese think-tank CF-40 said that the export controls on rare earths that's been tightened and expanded it's a direct response to the u.s. is expanding the scope of its tax sanctions specifically through the 50% rule where now subsidiaries of sanctioned firms are also subject to the same restrictions but think-tank is also arguing that the u.s. is less able to withstand the shock of a full-blown trade war with inflation and product shortage and that they do expect the u.s. to return to the negotiation table

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