Stock markets rattle as Trump renews tariff threat on China over rare earth curbs
發佈日期: 2025-10-11 21:40
TVB News
U.S. President Donald Trump has threatened to slap another 100 percent tariff on Chinese imports from next month, having accused Beijing of making "hostile moves" to tighten rare earth exports vital to a host of industries.
His remarks disapponted Wall Street, sending U.S. stocks tumbling.
Months after negotiators from the two sides reached a trade truce, Donald Trump reignited tensions with China by raising the prospect of another trade war.
In a social media post, the U.S. President declared he would place an extra 100 percent import tax on Chinese goods on top of the 30 percent already in place, along with U.S. export controls on "any and all critical software."
He said the new tariffs and restrictions will kick in from November 1st.
Trump claimed the move is in response to Beijing's latest export curbs on rare earth minerals, which require foreign firms to obtain special approval for exporting the materials and related technologies.
Trump described the curbs as "shocking" and "out of the blue."
He said China was "holding the world captive" through its dominance over the supply chain of rare earths and magnets and becoming "very hostile."
He also called off a possible face-to-face talk with President Xi Jinping in South Korea later this month, saying "there seems to be no reason" to meet.
Trump later changed his tone, telling reporters at the White House he had not cancelled it, even though Beijing has yet to confirm the meeting.
(Reporter: I just want to confirm, have you cancelled your meeting with President Xi?)
Trump said: "No, I haven't cancelled, but I don't know that we're going to have it. But I'm going to be there regardless, so I would assume we might have it, you know, they hit the world with something that really is not anything that people are going to do. And its - it was shocking."
Trump has suggested export controls on Boeing plane parts may be imposed as part of the retaliation. At present, Chinese airlines reportedly have some 1,855 Boeing jets in service.
Big tech shares on Wall Street fell sharply after Trump renewed the trade spat with China. Nvidia was down almost 5 percent.
The S&P 500 and the Nasdaq Composite also recorded their largest single-day percentage slumps since April.
Meanwhile in Beijing, the transport ministry hit back at U.S. port fees on China-linked ships. The ministry said it would slap port fees on U.S.-owned, operated, built, or flagged vessels from next Tuesday.
It urged Washington to correct its wrongdoing with a pledge to safeguard the legitimate rights of Chinese shipping companies.
