US PUSHBACK AGGRESSIVE
Still, Bessent called the China move provocative and said the US pushed back aggressively.
The United States has been in contact with allies and expects support from the Europeans, India and democracies in Asia, he said.
“China is a command and control economy. They are neither going to command nor control us,” Bessent said.
China blamed the United States for the rising trade tensions on Sunday and called Trump’s latest threatened tariffs of 100 per cent on Chinese goods hypocritical. It defended its curbs on exports of rare earth elements and equipment. China dominates the market for such elements, which are essential to tech manufacturing.
Under China’s new regulations, foreign companies producing some of the rare earths and related magnets on the list will now also need a Chinese export licence if the final product contains or is made with Chinese equipment or material. This applies even if the transaction includes no Chinese companies.
The United States would reject licensing requirements from China, Bessent said in the interview on “Mornings with Maria”.
Trump’s unexpected broadside on Friday shook global financial markets, sending the benchmark S&P 500 Index sliding by more than 2 per cent, its biggest one-day drop since April, when a steady barrage of tariff announcements by Trump stoked market volatility.
Source: CNA
