Tariff War/ China: We are not afraid of the US

China's Minister of Commerce, in a statement published online, stated that China's position is consistent that it does not want a tariff war, but it is also not afraid.

The Chinese statement came two days after US President Donald Trump threatened to impose a 100% tariff on imports from China from November 1, in response to new Chinese restrictions on the export of rare earth metals, a key ingredient for many consumer and military products.

The situation reached a peak earlier this April, when the two countries briefly imposed 100% tariffs on each other's goods. Trump has said that China is taking a hostile stance, while Beijing has said that Trump may choose negotiations over threats.

China currently has nearly 70% of the world's rare earth mines and controls approximately 90% of global rare earth processing.

China's new regulations require foreign companies to obtain special approval to export items containing even trace amounts of rare earth elements originating in China. Access to these materials is a key point of contention in trade talks between Washington and Beijing./CNA

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