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Online Report<\/p>\n
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US President Donald Trump said his proposed 100 percent tariff on goods from China would not be sustainable, but blamed Beijing for the latest impasse in trade talks that began with Chinese authorities tightening control over rare earth exports.<\/p>\n
Asked whether such a high tariff was sustainable and what that might do to the economy, Trump replied, \u201cIt\u2019s not sustainable, but that\u2019s what the number is.\u201d<\/p>\n
\u201cThey forced me to do that,\u201d he said in an interview with Fox Business Network that was broadcast on Friday.<\/p>\n
Trump unveiled additional levies of 100 percent on China\u2019s US-bound exports a week ago, along with new export controls on \u201cany and all critical software\u201d by Nov 1, nine days before existing tariff relief was set to expire.<\/p>\n
The new trade actions were Trump\u2019s reaction to China dramatically expanding its export controls on rare earth elements. China dominates the market for such elements, which are essential to tech manufacturing.<\/p>\n
Trump also confirmed he would meet with Chinese President Xi Jinping in two weeks in South Korea – a meeting the US president had cast doubt on last week – and expressed admiration for the Chinese leader.<\/p>\n
\u201cI think we\u2019re going to be fine with China, but we have to have a fair deal. It\u2019s got to be fair,\u201d Trump said on FBN\u2019s \u201cMornings with Maria,\u201d which was taped on Thursday.<\/p>\n
The softening in tone and affirmation of his intent to meet with Xi helped stem some of Wall Street\u2019s early losses on Friday. Major US stock indexes, which have been rattled over the last week by Trump\u2019s abrupt reimposition of steep levies on Chinese imports and by credit worries among regional banks, were up modestly in early trading.<\/p>\n
Meanwhile, in another indication of a potential thaw in the tensions, US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng will hold a call on Friday to discuss ongoing trade negotiations between the two countries, CNBC reported on Friday, without disclosing a time for the call. A Treasury spokesperson did not immediately respond to a request for comment.<\/p>\n