China defends rare earth export curbs
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Trump said the U.S. will impose a 100% tariff on China "over and above any Tariff that they are currently paying."
The pause in the trade war between the U.S. and China may be at risk of breaking open again after Beijing implemented restrictions on rare earth exports.
China bought about $38 billion worth of sophisticated chimaking equipment from the U.S. and its allies last year due to gaps in efforts to curb manufacturing, a bipartisan report by U.S. lawmakers has found.
China has further tightened export restrictions on rare earths ahead of talks between Presidents Donald Trump and Xi Jinping at the end of the month.
The GAIN AI Act, which forces chip manufacturers to prioritize U.S.-based customers, made its way into the Senate’s final National Defense Authorization Act text.
The president said on his social media site that he is imposing these new tariffs because of export controls placed on rare earth elements by China.
Beijing's export control on some high-end lithium-ion batteries, cathodes and graphite anode material as well as technological know-how will require exporters to seek permits and set to take effect from November 8, per a Ministry of Commerce statement on Thursday.
China and the US have been navigating a trade dispute since Donald Trump took office. Hannah Mulane breaks down China’s latest economic data. Could it strengthen their hand ahead of trade talks with the US?