President Trump imposes 100% additional tariffs on imports from China
President Donald Trump said the United States would impose 100% tariffs on all imports from China in retaliation for new export restrictions on rare earth minerals planned by the Chinese government.
WASHINGTON – Treasury Secretary Scott Bessent said he expects President Donald Trump and Chinese President Xi Jinping to meet again this month after Trump skipped the meeting and threatened to impose huge tariffs on China in retaliation for new export restrictions.
Bessent said on Oct. 13 that the Trump administration and China had “substantive communications” over the weekend after the president threatened last Friday to impose new 100% tariffs on Chinese imports effective Nov. 1.
“Mr. Xi is scheduled to meet with Party Chairman Xi in South Korea. I believe the talks will continue,” Bessent said in an interview with Fox Business. “The idea is to give them time to meet and work things out.”
In addition to last week’s tariff threat, President Trump also said he may withdraw from his scheduled talks with Mr. Xi at the Asia-Pacific Economic Cooperation Summit in South Korea on October 31 and November 1.
But Mr. Bessent said Mr. Trump now believes that new export restrictions on China’s rare earth minerals, which prompted Mr. Trump’s tariff threat, may have been the work of “lower-level officials” rather than Mr. Xi.
“This may not have come from Xi Jinping himself, because the Chinese system is very weak,” Bessent said. “This may be coming from the hardliners in China, who also have hardliners on their side who are constantly trying to undermine the relationship.”
President Trump suggested in an Oct. 12 post on Truth social that things would go well with China. “Don’t worry about China, everything will be fine! Respected President Xi just had his worst moment. He doesn’t want panic for his country, and neither do I. America wants to help China, not hurt China!!!” the president wrote.
Later, President Trump told reporters aboard Air Force One en route to Israel: “I think we’re going to get along very well. We have a great relationship with China.”
The stock market, which had plunged in response to President Trump’s tariff threats, soared on October 13 as President Trump and his administration softened their stance on China.
Still, Bessent said it was “highly inappropriate” for China to announce expanded export controls on the same day President Trump announced the long-awaited Hamas-Israel peace deal to end the fighting in Gaza.
“Trying to gain influence before meeting Donald Trump was a bad idea, and (Trump) has turned the tables,” Bessent said. “It was a miscalculation, but we’re communicating now. I’m confident we can move forward.”
Bessent said Trump officials are scheduled to meet with Chinese officials this week, while Bessent said Trump will meet with Chinese officials before meeting with Xi. He said President Trump could choose not to move forward with tariffs.
“There is no need for 100% tariffs,” Bessent said. “Despite this announcement last week, relations are good. Communication lines have been reopened, so we’ll see how it goes.”
Contributed by: Reuters
X Contact Joey Garrison at @joeygarrison.
