News
China Warns U.S. Against Tariff Escalation Amid Rare Earths Dispute
China has vowed not to back down in the face of U.S. tariff threats, warning that it will take “resolute countermeasures” if Washington proceeds with new import taxes, the Chinese Commerce Ministry said on Sunday.
“China’s stance is consistent,” the ministry said in an online statement. “We do not want a tariff war, but we are not afraid of one.”
The warning came two days after U.S. President Donald Trump threatened to impose 100 percent tariffs on Chinese imports starting November 1. The move was reportedly a response to Beijing’s new restrictions on the export of rare earth elements — critical minerals used in technologies ranging from electric vehicles and smartphones to radar systems and jet engines.
In a post presented as a Q&A with an unnamed ministry spokesperson, Beijing urged Washington to resolve trade differences “through dialogue, not coercion.” The ministry cautioned that “frequently resorting to the threat of high tariffs is not the correct way to get along with China,” adding that if the U.S. “obstinately insists on its practice,” China will act to defend its legitimate interests.
The exchange threatens to reignite a tariff confrontation between the world’s two largest economies and casts doubt over a potential meeting between Trump and Chinese President Xi Jinping. Earlier this year, both nations had briefly imposed tariffs exceeding 100 percent before agreeing to a truce.
Trump accused China of “becoming very hostile” and of “holding the world captive” by limiting access to rare earth metals and magnets. China’s new rules require foreign firms to obtain special approval to export products containing even trace amounts of Chinese-sourced rare earths — minerals essential to both commercial and military applications.
Beijing maintains that the restrictions are aimed at ensuring responsible resource management and protecting national security. The Commerce Ministry said export licenses would continue to be granted for “legitimate civilian uses” but noted that the minerals’ strategic value necessitated tighter oversight.
China dominates the global rare earths market, accounting for nearly 70 percent of global mining and around 90 percent of processing. The country’s control over the supply chain has become a focal point in trade tensions with Washington, as the U.S. seeks to diversify supply sources and reduce dependence on Chinese materials.
The ministry also criticized recent U.S. actions, including the expansion of export controls on Chinese firms and the introduction of new port fees on Chinese vessels set to take effect Tuesday. In retaliation, Beijing announced on Friday that it would impose reciprocal fees on American ships.
With both sides trading new economic blows, the fragile calm in U.S.–China trade relations appears increasingly at risk, raising fears of another round of global market turbulence.
News
Iran Says Hormuz Can Reopen Within Seven Days as Oil Exports Come Under Pressure
Iran’s military said it retained full control of the Strait of Hormuz on Monday, while Foreign Minister Abbas Araghchi said the strategic waterway could be fully reopened within seven days if Tehran’s conditions were met and hostile measures against the country were lifted.
The statements came as Iran faced growing economic pressure, with the rial falling to record lows, Oil Minister Mohsen Paknejad resigning and the United States claiming that Tehran had not loaded any crude onto tankers during September.
Brigadier General Aziz Jafari, commander of Iran’s Khatam al-Anbiya Joint Air Defence Headquarters, said all movements through the Strait remained under the control of the Iranian armed forces despite changes in US tactics.
“All movements (in Hormuz) are under the control of the armed forces of the Islamic Republic,” Jafari said.
US Treasury Secretary Scott Bessent said on Thursday that Iran had not loaded crude oil onto tankers during September, arguing that the Trump administration was targeting Tehran’s main source of revenue.
Iranian President Masoud Pezeshkian acknowledged in August that restrictions were disrupting oil exports, saying the country had previously been able to sell oil but was now unable to do so at the same level.
Paknejad’s resignation was officially attributed to family and personal matters. However, his departure came amid speculation about the impact of reduced oil exports on government finances. Before his resignation was announced, Paknejad said in a video carried by Iranian media that revenue from oil already sold would be collected and that the process would continue.
The acting oil minister has pledged to maximise production and maintain exports through new strategies.
Despite pressure on Iranian exports, oil shipments from other parts of the region remained high. Ship-tracking company Kpler estimated crude exports from the region excluding Iran at between 19.5 million and 22.5 million barrels per day during the final week of September, compared with a pre-war regional average of about 18 million barrels per day.
Iran’s currency has also come under severe pressure. The euro rose above 300,000 tomans on the informal market, while the US dollar reached 270,000 tomans, more than double its level of about 135,000 tomans at the beginning of the year. One toman is equal to 10 rials.
The UK Maritime Trade Operations agency reported at least one attack each day in the Strait of Hormuz or the Gulf of Aden since October 2.
Araghchi told foreign ambassadors in Tehran that the conflict could not be resolved militarily and called for negotiations based on fairness. He warned that any renewed military confrontation would trigger a stronger Iranian response.
Parliament Speaker Mohammad Bagher Ghalibaf said Tehran had received US proposals through intermediaries but rejected what he described as one-sided demands.
He said the Strait would remain closed until Iran’s seven conditions, based on the Islamabad memorandum, were met.
News
SpaceX crew reaches International Space Station in record US transit
News
Trump, Vance begin midterm campaign push as Republicans confront economic concerns
-
Entertainment2 years agoMeta Acquires Tilda Swinton VR Doc ‘Impulse: Playing With Reality’
-
Sports2 years agoChina’s Historic Olympic Victory Sparks National Pride Amid Controversy
-
Business2 years agoSaudi Arabia’s Model for Sustainable Aviation Practices
-
Business2 years agoRecent Developments in Small Business Taxes
-
Home Improvement2 years agoEffective Drain Cleaning: A Key to a Healthy Plumbing System
-
Politics2 years agoWho was Ebrahim Raisi and his status in Iranian Politics?
-
Sports2 years agoKeely Hodgkinson Wins Britain’s First Athletics Gold at Paris Olympics in 800m
-
Business2 years agoCarrectly: Revolutionizing Car Care in Chicago
