President Donald Trump reacted angrily to China's plan to expand export restrictions, including when rare earths are in products made abroad (see 2510090021. In a social media post that seemed to trigger a 2.7% drop in the S&P 500, he wrote, "Dependent on what China says about the hostile 'order' that they have just put out, I will be forced, as President of the United States of America, to financially counter their move. For every Element that they have been able to monopolize, we have two."
The U.S. should impose new chip-related export controls on China in response to Beijing’s new rules last week that will restrict overseas exports if they contain certain levels of Chinese-origin material (see 2510090021), a former senior U.S. national security official said.
Beijing this week announced a host of new export license requirements for shipments of rare earths, superhard materials and related equipment, including new rules to restrict overseas exports if they contain certain levels of Chinese-origin materials. The country’s Ministry of Commerce also added more than a dozen companies to its Unreliable Entity List for arms sales to Taiwan or for other actions that it said hurt Chinese companies or the country’s “sovereignty” or security.
The U.S. will soon impose a 100% tariff on China, “over and above any Tariff that they are currently paying,” along with new export controls on “any and all critical software,” President Donald Trump announced on Truth Social. Trump said the measures, which could take effect Nov. 1 or sooner, are in response to China’s recent announcement that it will impose new export license requirements on overseas exports if they contain certain levels of Chinese-origin material.
House Select Committee on China ranking member Raja Krishnamoorthi, D-Ill., urged the Trump administration Oct. 8 to open new markets for U.S. soybean exports in Southeast Asia, South Asia, Africa and the Middle East.
Sen. Lindsey Graham, R-S.C., said late Oct. 7 that he hopes to have the Senate take up his Russia sanctions and tariff bill by month’s end to send a message to next month’s Group of Seven foreign ministers meeting in Canada.
The U.S. ambassador to NATO suggested this week that the Trump administration won’t sign off on any new Russia sanctions until all EU and NATO members stop buying Russian energy.
President Donald Trump posted on social media that U.S. soybean growers are hurting "because China is, for 'negotiating' reasons only, not buying. We’ve made so much money on Tariffs, that we are going to take a small portion of that money, and help our Farmers. I WILL NEVER LET OUR FARMERS DOWN!"
European officials and Parliament members called on EU member states to double down on Russia-related sanctions implementation and enforcement, saying they know evasion is occurring, but countries have been too slow to act on sanctions rules or haven’t levied large enough penalties. They also expressed frustration that the EU hasn’t yet been able to confiscate frozen Russian assets for Ukraine, even as the European Commission said it’s preparing a proposal that would allow the bloc to indirectly use those funds while still complying with international law.
China is launching a foreign-trade barrier probe on Mexico after the latter country announced plans this month to increase tariffs from certain non-free-trade-agreement countries, including a decision that will reportedly raise tariffs on Chinese cars from 20% to 50%. The investigation also will look into Mexico's duty increases for imports of Chinese textiles, clothing, plastics, steel, home appliances, aluminum, toys, furniture, footwear, leather goods, paper and cardboard, motorcycles and glass.