"Presidents Donald Trump and Xi Jinping are maneuvering for leverage ahead of their upcoming meeting and the expiration of a U.S.-China trade truce, even at the risk of escalating tensions between the world's two biggest economies. China this week unveiled sweeping new curbs on its exports of rare earths and other critical materials, echoing moves made in April in response to Trump's so-called "Liberation Day" tariffs. That came as Beijing continues to eschew purchases of American soybeans."
"In the latest move announced on Friday, the Transport Ministry said China will start collecting port fees on ships owned by American companies and individuals, as well as vessels made in the U.S. The levies will take effect on Oct. 14, the same date as when Washington plans to start charging large Chinese ships to call at U.S. ports. Beijing's unexpected volley followed a flurry of steps by the Trump administration targeting the world's No. 2 economy."
Leaders in Washington and Beijing are deploying reciprocal economic measures to gain leverage ahead of an upcoming leaders' meeting and a tariff truce that may expire Nov. 10. China imposed broad export controls on rare earths and other critical materials and has largely stopped buying American soybeans, increasing pressure on U.S. farmers. Beijing announced port fees on American-owned and U.S.-made ships effective Oct. 14, coinciding with U.S. plans to charge large Chinese vessels. U.S. proposals include restricting Chinese overflights of Russia and expanding sanctions to limit access to restricted goods. Both sides are amassing bargaining chips, raising risks of escalation.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]