The Chinese government announced it would curb critical mineral exports to countries like the United States, sparking an immediate response from the White House.
President Donald Trump threatened to up the ante in the trade war with promises to sharply hike tariffs in response to the Chinese government’s mineral export plan.
Reuters reports that Trump promised additional duties of 100% on China’s U.S.-bound exports, along with new export controls on any and all critical software by November 1st.
That’s a mere nine days before the existing tariff relief will expire.
President Trump also appeared to question the possibility of keeping a meeting with Chinese President Xi Jinping in a couple of weeks.
“I haven’t canceled it,” Trump told reporters. “I would assume we might have it, but Beijing has never confirmed the meeting.”
The American Soybean Association expressed significant concerns that no meeting would push back a possible trade agreement.
