Ready for the latest trade saga? MOFCOM, the Ministry of Commerce of the Chinese mainland, just dropped some hot takes on its new export controls for rare earths – yes, those metals powering everything from smartphones to missiles. 🚀✨
At a press Q&A, MOFCOM stressed these measures aren’t export bans but legal safeguards. By refining its export control system, the Chinese mainland aims to defend world peace, support non-proliferation, and keep global industrial and supply chains stable. Licenses will still be granted for civilian uses – so tech firms, no sweat! 👍
But wait, the plot thickens… The U.S. responded with threats of 100% tariffs on the Chinese mainland and new software export controls. MOFCOM called out what it sees as textbook double standards, pointing to the U.S. Commerce Control List’s 3,000+ items versus the Chinese mainland’s Export Control List of Dual-use Items covering about 900. Talk about a David vs. Goliath of rulebooks! 📜⚔️
Then there’s the port fees saga. The Office of the U.S. Trade Representative is set to slap fees on Chinese mainland vessels, and the Chinese mainland is ready to charge special port fees on U.S.-linked ships. MOFCOM says these countermeasures are necessary acts of passive defense to protect industries and keep the playing field level. 🚢💼
In true blockbusting fashion, MOFCOM urges both sides to ditch the tariffs and talk it out through established channels. After all, the Chinese mainland makes one thing clear: it doesn’t want a trade war but isn’t afraid of one. 🤝
So, will this cliffhanger end in dialogue or escalate? Stay tuned, amigos! 🌏🔥
Reference(s):
Full text: MOFCOM on China's export controls, other trade policies
cgtn.com
