US President Donald Trump has reignited trade tensions with China, announcing plans to impose 100% tariffs on Chinese imports starting November 1, in response to China’s expanded export controls on critical minerals.
On Truth Social, Trump called China’s move “shocking” and “very, very bad,” adding that he canceled the planned APEC summit meeting with Chinese President Xi Jinping.
China produces over 90% of the world’s processed rare earth elements, which are essential for EVs, aircraft, and defense. Trump also hinted at further export controls, including on airplanes and parts, signaling an escalation in the trade confrontation.
VietnamSteel by Hoa Sen Group
