US President Donald Trump has announced that he may impose 100% tariffs on Chinese products on or before November 1 as part of the rare earths dispute with China.
US Trade Representative Jamieson Greer provided information on the matter to CNBC.
“A lot of that depends on what China does. They’ve been the ones who have initiated a major escalation,” Greer said.
Last week, China announced sweeping restrictions on rare earth exports. This move is expected to severely disrupt the US defense, technology, semiconductor, and automotive sectors.
The decision, which unexpectedly caught the White House off guard, comes ahead of Trump and Chinese President Xi Jinping’s expected meeting at the Asia-Pacific Economic Cooperation (APEC) summit in Seoul, South Korea, later this month.
*This is not investment advice.