US Expects No Additional Tariffs Amid Chinas Rare Earth Export Controls
The United States announced on the 26th (local time) that it will not impose an additional 100% tariff on China, anticipating China’s export controls on rare earth elements.
Scott Vessen, U.S. Secretary of the Treasury, who is traveling with President Donald Trump in Asia, shared this information during interviews with NBC, ABC, and CBS. He mentioned that he and his Chinese counterpart, Vice Premier He Lifeng, have established a framework for a trade agreement.
When asked if he anticipated the U.S. imposing a 100% additional tariff on China, Vessen stated, "I do not expect (the 100% tariff to be imposed)" and added, "I also expect that the rare earth export controls discussed by China will be postponed for a certain period."
Vessen further explained, "President Trump gave me a powerful negotiating lever through the threat of imposing a 100% tariff. As a result, we managed to avoid imposing tariffs due to the postponement of Chinas rare earth export controls. I believe China will review it and postpone its implementation for one year."
Recently, China had effectively halted its imports of U.S. soybeans but is reportedly now in agreement to purchase soybeans. Vessen noted, "China has agreed to purchase a substantial amount of agricultural products from American farmers. Farmers are a crucial political support group for President Trump, and they have suffered significant losses due to the tariff dispute between the two countries."
China, the worlds largest exporter of rare earth elements, had previously announced a significant expansion of its export controls starting December 1. In response, the Trump administration criticized this move, stating that if there were no changes in Chinas stance, it would impose an additional 100% tariff on Chinese products starting November 1.
Scott Vessen, U.S. Secretary of the Treasury, who is traveling with President Donald Trump in Asia, shared this information during interviews with NBC, ABC, and CBS. He mentioned that he and his Chinese counterpart, Vice Premier He Lifeng, have established a framework for a trade agreement.
When asked if he anticipated the U.S. imposing a 100% additional tariff on China, Vessen stated, "I do not expect (the 100% tariff to be imposed)" and added, "I also expect that the rare earth export controls discussed by China will be postponed for a certain period."
Vessen further explained, "President Trump gave me a powerful negotiating lever through the threat of imposing a 100% tariff. As a result, we managed to avoid imposing tariffs due to the postponement of Chinas rare earth export controls. I believe China will review it and postpone its implementation for one year."
Recently, China had effectively halted its imports of U.S. soybeans but is reportedly now in agreement to purchase soybeans. Vessen noted, "China has agreed to purchase a substantial amount of agricultural products from American farmers. Farmers are a crucial political support group for President Trump, and they have suffered significant losses due to the tariff dispute between the two countries."
China, the worlds largest exporter of rare earth elements, had previously announced a significant expansion of its export controls starting December 1. In response, the Trump administration criticized this move, stating that if there were no changes in Chinas stance, it would impose an additional 100% tariff on Chinese products starting November 1.
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