NewzVille International
US President Donald Trump on Friday announced an additional 100 percent tariff on China, escalating his trade war with Beijing amid disputes over export restrictions on rare earth minerals.
China also responded strongly with port fees on US-owned vessels docking in its ports.
In a social media post, President Trump stated that the new tariffs, along with US export controls on all critical software, would take effect from November 1.
President Trump accused China of adopting an “extraordinarily aggressive” stance on trade and warned that the United States would respond accordingly.
He also confirmed that export controls would be imposed on all critical software starting the same day.
President Trump further threatened to cancel a planned meeting with China’s President Xi Jinping but later clarified that the meeting had not been officially cancelled, though he was uncertain if it would take place.
Rare earth elements, essential for manufacturing products ranging from smartphones and electric vehicles to military hardware and renewable energy technologies, are largely produced and processed by China, which dominates the global market.
Vessels owned or operated by American companies or individuals, as well as ships built in the US or flying the American flag, will be charged a fee of 56 US dollars per net ton per voyage when docking in China.
The new port fees will come into effect on October 14, the same day the United States is set to start imposing port fees on Chinese vessels.
Earlier this year, Washington and Beijing engaged in a tit-for-tat tariff war that threatened to halt trade between the world’s two largest economies.
