WASHINGTON: US President Donald Trump said that trade tensions with China will be resolved, posting a reassuring message days after threatening 100% tariffs on Chinese imports.
According to Anadolu Agency, Trump wrote on his social media platform Truth Social on Sunday: “Don’t worry about China, it will all be fine.”
He described Chinese President Xi Jinping’s move to expand rare earth export controls as a temporary misstep. “Highly respected President Xi just had a bad moment. He doesn’t want depression for his country, and neither do I,” Trump said, adding: “The U.S.A. wants to help China, not hurt it.”
Beijing on Thursday expanded its restrictions on rare earth exports, limiting processing and manufacturing technologies and barring foreign cooperation without prior government approval.
In response, Trump warned on Friday that Washington would impose 100% tariffs on Chinese goods and restrict critical software exports, set to take effect on Nov. 1 “over and above any tariff that they are currently paying.”
China’s Commerce Ministry responded Sunday that Beijing is “not afraid of” a trade war, reaffirming its position: “We do not want it, but we are not afraid of it.”
The tariff threats triggered a sharp drop in US stock markets, extending losses from Trump’s April announcement of new global duties. US financial markets will remain closed on Monday for the Columbus Day holiday.
