"Well, you're in one now, Trump responded. He continued: Look, we have 100% tariff if we didn't have tariffs, we would be exposed as being a nothing. We would have no defense. You know they've used tariffs on us. But we've never had anybody sitting in [the president's] chair who felt the need to do it. President Trump added that tariffs are very important for national security."
"Trump last week said he would be slapping a new 100% tariff on China, on top of the 30% tariff already in place, starting Nov. 1. He made that announcement after China tightened its rules on rare earth minerals, forcing exporters to obtain a license from the government. That Nov. 1 date coincides with Trump's expected meeting with Xi at the Asia-Pacific Economic Cooperation, which is taking place on Oct. 31 and Nov. 1."
The United States is already engaged in a trade war with China, with proposals to add a 100% tariff to an existing 30% tariff scheduled to start Nov. 1. China tightened rules on rare earth mineral exports, requiring exporters to obtain government licenses. Tariffs are presented as essential for national security and defense and are credited with deterring Iran and Pakistan after an earlier 200% tariff threat. The Nov. 1 tariff date aligns with an expected Xi Jinping meeting at the APEC summit on Oct. 31–Nov. 1. Stock markets fell sharply after the tariff announcement and later rebounded.
Read at www.mediaite.com
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