US President Donald Trump issued a series of escalating statements on Monday as trade tensions between the United States and China escalated. Trump announced plans to impose a 155% tariff on Chinese goods from November 1 and warned Beijing of retaliation against foreign companies supporting US industry.
The US president has accused China of punishing US farmers by halting purchases of soybeans, saying his administration “will not allow China to punish our farmers”.
Trump went on to say that China would face “big problems” if it refused to do business with the United States and emphasized his readiness to face any economic threats.
Trump suggested Beijing could respond by curbing exports of rare earths, a critical component of global production, but insisted his administration would meet such measures with higher tariffs.
The US president has also hinted at the possibility of controlling aircraft exports as part of a wider strategy to pressure China into trade concessions.
Despite the harsh rhetoric, Donald Trump has expressed optimism that the two nations will eventually reach a “strong trade deal,” adding that he believes he and President Xi Jinping “will get along with Taiwan.”
