Get ready for another round in the US-Chinese mainland trade saga! 🚢💥 On November 1, President Donald Trump announced a jaw-dropping 100% tariff hike on imports from the Chinese mainland, plus new controls on critical US software exports. It's a bold move he calls a "defensive countermeasure" against what he labels the Chinese mainland's "extraordinary aggressive position on trade."
But hold up – this tit-for-tat didn't start overnight. The Chinese mainland's decision to tighten export rules on rare earth minerals and slap special port fees on US-linked ships actually responds to earlier US measures. Rare earth elements are vital for everything from smartphones to rocket engines, and without strict controls, they could end up in military or sensitive applications.
In fact, the Chinese mainland first listed rare earth technologies in its Catalog of Technologies Prohibited and Restricted for Export back in 2001. In April, the Chinese mainland government reinforced these rules, making license requirements even tighter for entities on the Chinese mainland and individuals. A Ministry of Commerce spokesperson pointed out that this approach is "commonly adopted practice internationally," noting that humanitarian shipments remain exempt.
Far from disrupting global supply chains, these measures aim to standardize resource security and support non-proliferation efforts worldwide. Meanwhile, Beijing argues that its extra port fees on American ships are just a fair response to US charges on mainland vessels.
As both sides dig in, the big question remains: who will blink first in this escalating trade showdown? 🤔🌏 Stay tuned as we watch how this global tug-of-war unfolds!
Reference(s):
cgtn.com
