‘I was forced to do this by Xi Jinping,’ Trump defends 100% tariffs on China
A trade war is raging between the US and China. Meanwhile, Trump has imposed heavy tariffs on China. US President Donald Trump has stated that he was forced to impose heavy tariffs on China after Beijing tightened export controls on rare minerals, saying he felt compelled to do so.
Trump admitted the decision was difficult
In an interview with Fox Business, Trump acknowledged the decision was difficult, but insisted it was necessary given the ongoing trade pressure from China. Trump further stated that Chinese President Xi Jinping pressured the US by tightening export controls on rare minerals. “Then I increased the tariffs to 100% on top of the tariffs I was already paying,” he said.
He added, “Let’s see what happens with China. I’ve always had a good relationship with them, but they’re always looking for leverage. You know, they’ve plundered our country for years.”
Trump Administration to Increase Control Over American Companies to Counter China
The Trump administration is attempting to establish greater control over American companies in key strategic sectors to counter China’s new economic decisions.
This is according to Treasury Secretary Scott Bessant. By acquiring greater stakes in American companies specializing in sectors critical to national security, the Trump administration aims to ensure greater control over what they produce. The goal is to make the US less dependent on China for sensitive technology.
It should be noted that China recently imposed restrictions on the export of rare earths, and angered by this, Trump recently announced an additional 100 percent tariff on all products imported from China.
Bessant stated that when facing a non-market economy like China, it is essential to adhere to industrial policies. Bessant added that the US needs to take steps towards self-reliance.
The Trump administration has acquired stakes in several companies, including US Steel and Intel, as well as Trilogy Metals and MP Materials (a rare-metal mining company). Global policymakers are gathering in Washington this month for the annual meetings of the International Monetary Fund and the World Bank amid rising tensions between the US and China.
