Apollo World Administration chief economist Torsten Slok weighs in on President Donald Trump’s menace to extend China’s tariffs, his outlook for the financial system and extra on ‘Barron’s Roundtable.’
President Donald Trump moved to calm fears of an escalating commerce warfare with Beijing on Sunday after he threatened to impose 100% tariffs on China’s imports in response to the nation’s export curbs on uncommon earth minerals.
Trump’s new tariffs on China would quantity to a giant enhance over the present common 55% levy.
In a put up on Fact Social, Trump stated that China’s financial troubles would “all be fine” and insisted that the U.S. “wants to help China, not hurt it.”
“Don’t worry about China, it will all be fine!” Trump wrote. “Highly respected President Xi just had a bad moment. He doesn’t want depression for his country, and neither do I. The U.S.A. wants to help China, not hurt it!!!”
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Chinese language President Xi Jinping speaks throughout a global enterprise assembly at The Nice Corridor Of The Folks on March 28, 2025, in Beijing, China; Proper: President Donald Trump talks to reporters after signing an government order, “Unleashing prosperi (Left: Ken Ishii – Pool/Getty Images; Right: Chip Somodevilla/Getty Images / Getty Images)
The post came hours after China issued an official response to Trump’s threat to impose a 100% tariff on Chinese imports by Nov. 1, warning Washington not to resort to “threats” and pledging to “resolutely take corresponding measures” if the U.S. proceeds.
“China’s stance is constant,” the Commerce Ministry said in a statement Sunday.
“We don’t want a tariff warfare, however we’re not afraid of 1.” The ministry urged the U.S. to address differences “by means of dialogue,” calling repeated tariff threats “not the proper method to get together with China.”
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Chinese President Xi Jinping applauds during the joint press conference of the China-Central Asia Summit in Xian, in China’s northern Shaanxi province on May 19, 2023. (FLORENCE LO/POOL/AFP via Getty Images / Getty Images)
Beijing suggested it would retaliate against any new levies the U.S. may impose on Chinese imports.
Sunday’s exchanges pointed to a turn in a trade truce between the world’s two largest economies.
Trump’s threat was initially triggered by new Chinese restrictions on the export of rare earths, or minerals that are crucial to advanced manufacturing and military technology.
China controls about 70% of global rare earths mining and nearly 90% of processing capacity.
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Vice President J.D. Vance speaks to Fox Business’ Maria Bartiromo in an interview that appears on “Sunday Morning Futures” tomorrow. (Fox Business / FOXBusiness)
“It’s going to be a fragile dance and lots of it’ll rely on how the Chinese language reply. In the event that they reply in a extremely aggressive method, I assure you the President of the US has much more playing cards than the Folks’s Republic of China,” Vance said on “Sunday Morning Futures.”
Trump’s tariff threat and China’s response have also cast doubt on a meeting happening with Xi later this year.
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China’s Commerce Ministry said it would continue to grant export licenses for legitimate civilian uses of rare earths but warned that “if the U.S. aspect obstinately insists on its apply,” Beijing would act to guard its pursuits.
