The Trump administration says China is engaging in a “global power grab” by controlling rare earths, a key material used in many technologies. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer claim that China’s actions are not a response to US measures but rather a deliberate attempt to expand its influence.
Bessent stressed that President Trump is willing to meet Chinese President Xi Jinping later this month, and there is room for a positive economic relationship between the two countries. However, the administration also warns that it will impose triple-digit tariffs on Chinese goods if China continues to restrict rare earth exports.
The US-China trade tensions are escalating after China recently expanded its control over rare earths. A lower-level Chinese official had threatened to unleash chaos on the global system if the US went ahead with port fees for Chinese ships in August, Bessent said. The US is seeking to repair relations and balance out its trade with China.
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Source: https://www.foxbusiness.com/economy/trump-admin-slams-chinas-global-power-grab-rare-earths-threatens-triple-digit-tariffs