Trump Threatens 'Massive' Tariffs on Goods From China

Watch Trump Threatens 'Massive' Tariffs on Goods From China - Bloomberg on Dailymotion

Transcript

00:00So Tyler, back up a little bit here and give us some context for this post.

00:04Right, exactly, Scarlett. So in recent days, we actually have seen Beijing move to unveil some

00:09new export curbs when it comes to critical and rare earth minerals, expanding both the elements

00:14and the technology on its control list. It's also moved to require overseas exporters of items that

00:19have even trace amounts of Chinese source critical minerals in them to apply for separate export

00:25licenses. And that is considered to be a pretty significant development in recent days. And

00:29we have to keep in mind here, of course, that China does have this grip on the global supply chain

00:35when it comes to rare earths. It accounted for about 70 percent of rare earth global supply last

00:40year alone. But this is really now casting doubt on what was expected to be a face-to-face meeting

00:45between the two leaders, President Trump and Chinese President Xi Jinping, in just a matter of weeks

00:49in South Korea. And while they had a lot on their agenda, the White House has repeatedly told us that

00:54at the top of the list, President Trump was going to prioritize talking to Xi Jinping about China's

00:59imports or, at this point, lack of imports of U.S. soybeans. They have not imported any so far

01:05this export season. And that is something that we are watching really closely because the

01:09administration is getting close to announcing some sort of economic aid package for our farmers.

01:15But perhaps could that be complicated now as we hear that President Trump is threatening these

01:19massive tariffs on China in retaliation over this? We're going to have to see what that materializes

01:24to because, Scarlett, right now there is a 30 percent baseline tariff rate against China

01:30that is set to be in place while this trade truce is in place that goes until mid-November.