President Donald Trump might nonetheless slap China with 100% tariffs on Nov. 1 or sooner relying on Beijing’s subsequent transfer in a dispute over uncommon earths, U.S. Commerce Consultant Jamieson Greer instructed CNBC Tuesday.
“Rather a lot will depend on what the Chinese language do,” Greer instructed CNBC in an interview. “They’re those who’ve chosen to make this main escalation.”
China introduced sweeping restrictions on uncommon earth exports final week that will disrupt the U.S. protection, know-how, semiconductor and car industries if applied.
Trump retaliated with the specter of large tariffs that will successfully shut down commerce between the world’s two largest economies.
“We will not have a scenario the place the Chinese language preserve this regime in place the place they wish to have veto energy over the world’s excessive tech provide chains,” the U.S. commerce consultant mentioned.
The restrictions took the White Home unexpectedly forward of an anticipated assembly between Trump and President Xi Jinping on the Asia-Pacific Financial Cooperation summit later this month in Seoul, South Korea.
Trump and Xi are nonetheless scheduled to satisfy, Greer mentioned, although he instructed these plans are topic to vary relying on how the scenario develops.
“Whether or not it can undergo or not, I do not wish to precommit both ourselves or the Chinese language,” Greer mentioned of the assembly. “However I believe it is sensible for folks to speak once they can.”
U.S. and Chinese language officers on the senior workers stage spoke as just lately as Monday in Washington in regards to the uncommon earth dispute, Greer mentioned.
“We predict we’ll have the ability to work by way of it,” Greer mentioned of the dispute.
That is breaking information. Please refresh for updates.
