Apollo World Administration chief economist Torsten Slok weighs in on President Donald Trump’s menace to extend China’s tariffs, his outlook for the financial system and extra on ‘Barron’s Roundtable.’
President Donald Trump moved to calm fears of an escalating commerce battle with Beijing on Sunday after he threatened to impose 100% tariffs on China’s imports in response to the nation’s export curbs on uncommon earth minerals.
Trump’s new tariffs on China would quantity to a giant enhance over the present common 55% levy.
In a put up on Fact Social, Trump stated that China’s financial troubles would “all be effective” and insisted that the U.S. “desires to assist China, not damage it.”
“Don’t fear about China, it’s going to all be effective!” Trump wrote. “Extremely revered President Xi simply had a nasty second. He doesn’t need melancholy for his nation, and neither do I. The usA. desires to assist China, not damage it!!!”
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Chinese language President Xi Jinping speaks throughout a world enterprise assembly at The Nice Corridor Of The Individuals on March 28, 2025, in Beijing, China; Proper: President Donald Trump talks to reporters after signing an government order, “Unleashing prosperi (Left: Ken Ishii – Pool/Getty Photos; Proper: Chip Somodevilla/Getty Photos / Getty Photos)
The put up got here hours after China issued an official response to Trump’s menace to impose a 100% tariff on Chinese language imports by Nov. 1, warning Washington to not resort to “threats” and pledging to “resolutely take corresponding measures” if the U.S. proceeds.
“China’s stance is constant,” the Commerce Ministry stated in a press release Sunday.
“We are not looking for a tariff battle, however we’re not afraid of 1.” The ministry urged the U.S. to deal with variations “by dialogue,” calling repeated tariff threats “not the right approach to get together with China.”
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Chinese language President Xi Jinping applauds throughout the joint press convention of the China-Central Asia Summit in Xian, in China’s northern Shaanxi province on Could 19, 2023. (FLORENCE LO/POOL/AFP by way of Getty Photos / Getty Photos)
Beijing advised it will retaliate towards any new levies the U.S. might impose on Chinese language imports.
Sunday’s exchanges pointed to a flip in a commerce truce between the world’s two largest economies.
Trump’s menace was initially triggered by new Chinese language restrictions on the export of uncommon earths, or minerals which are essential to superior manufacturing and navy expertise.
China controls about 70% of worldwide uncommon earths mining and almost 90% of processing capability.
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Vice President J.D. Vance speaks to Fox Enterprise’ Maria Bartiromo in an interview that seems on “Sunday Morning Futures” tomorrow. (Fox Enterprise / FOXBusiness)
Vice President JD Vance additionally defended Trump’s stance in an look on Fox Information, the place he known as Beijing’s dominance in key provide chains “the definition of a nationwide emergency.”
“It’s going to be a fragile dance and a variety of it will depend upon how the Chinese language reply. In the event that they reply in a extremely aggressive method, I assure you the President of the US has much more playing cards than the Individuals’s Republic of China,” Vance stated on “Sunday Morning Futures.”
Trump’s tariff menace and China’s response have additionally forged doubt on a gathering occurring with Xi later this 12 months.
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China’s Commerce Ministry stated it will proceed to grant export licenses for official civilian makes use of of uncommon earths however warned that “if the U.S. aspect obstinately insists on its observe,” Beijing would act to guard its pursuits.
Fox Information Digital reached out to the White Home for remark.
