New Trade Tensions Between US and China
Trade tensions between the United States and China have resurfaced once again. The US government under President Donald Trump has imposed an extra 100 percent tariff on Chinese imports. In retaliation, both countries have introduced new special charges on ships plying between their ports.
China's New Shipping Fees and Exemptions
China declared on Tuesday that special charges will be applied on US-owned or US-operated ships, as well as ships flagged in the US. But Chinese-built ships will be exempt. The United States has also begun applying fees of the same kind starting today.
China's Response to US Tariffs
After the US announced it was imposing greater tariffs, China's Ministry of Commerce released a statement reaffirming its position. A ministry official stated, "Our position on tariffs does not change. If the US desires a trade war, we will battle to the end. If it desires communication, our doors are open."
Restrictions on Rare Earth Exports
China recently imposed new limitations on the export of rare earth minerals, which are key materials used in numerous high-tech sectors and are predominantly in China. Foreign firms are now required to have special permits to import them.
US Retaliation with Higher Tariffs and Export Controls
The fresh Chinese restrictions have infuriated Washington. In retaliation, the US has chosen to add a further 100 percent tariff on Chinese goods from November 1 or sooner. The US administration has also come out with enhanced controls on key software exports to China.
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