President Donald Trump said on Friday that China has sent letters to governments around the world describing strict export controls on rare earths and other industrial inputs. He also said that the US is getting ready to take financial action, such as raising tariffs on Chinese goods by a “massive” amount.
Trump labeled the rumored Chinese action “hostile” in a long statement on Truth Social. He said the limitations might “clog” world markets and mess up normal supply lines. He stated that several countries had called Washington to complain about the letters. He also said that the U.S. had greater “monopoly positions” in important areas but hasn’t used them “until now.”
Trump said he hasn’t talked to Chinese President Xi Jinping and that a planned meeting “in two weeks” at an APEC meeting in South Korea is no longer necessary. He also said that the timing of China’s letters had something to do with what he called “peace in the Middle East,” but he didn’t say what that meant.
The president said the government is “calculating” its response, which includes a big increase in tariffs on goods coming from China. Other options are also being talked about. He said that the response might be “painful” in the near term, but it would be good for the US in the long run.
Trump said that the Chinese email outlines, “with great specificity,” things and parts that should not be shared, such as magnets and other materials related to rare earths. We couldn’t check the allegations on our own.
Trump said he would “financially counter” Beijing’s move, and tariffs are at the top of the list of things he would do.
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