United States President Donald Trump has accused China of violating an agreement to mutually roll back tariffs and trade restrictions for critical minerals, as he suggested China was in \u201cgrave economic danger\u201d until he agreed to cut a deal earlier this month.<\/p>\n
Posting on his Truth Social platform on Friday evening, Trump said he made a \u201cfast deal\u201d with China for both countries to back away from triple-digit tariffs for 90 days<\/a> to \u201csave\u201d Beijing from a \u201cvery bad situation\u201d.<\/p>\n The US leader said his tariffs of up to 145 percent on Chinese imports had made it \u201cvirtually impossible\u201d for China to trade with the US market, resulting in closed factories and \u201ccivil unrest\u201d in the country.<\/p>\n \u201cChina, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!\u201d Trump added.<\/p>\n Trump did not specify in his post how China had violated the agreement \u2013 made following trade talks in Geneva, Switzerland, in mid-May \u2013 or what action he planned to take at their alleged failure to comply with its terms.<\/p>\n Asked by reporters about the China deal later on Friday in the Oval Office, Trump said: \u201cI\u2019m sure that I\u2019ll speak to [China\u2019s] President Xi [Jinping], and hopefully we\u2019ll work that out.\u201d<\/p>\n Trump\u2019s deputy chief of staff, Stephen Miller, told reporters that China\u2019s failure to fulfil its obligations \u201copens up all manner of action for the United States to ensure future compliance\u201d.<\/p>\n Miller added that Trump hoped China would open up to American business in a similar manner to the way the US has been open to Chinese business \u201cfor a very long time now\u201d.<\/p>\n China\u2019s embassy in Washington said Beijing has maintained communication with its US counterparts since the Geneva talks, but said they had concerns about recently imposed US export controls.<\/p>\n \u201cChina has repeatedly raised concerns with the US regarding its abuse of export control measures in the semiconductor sector and other related practices,\u201d embassy spokesperson Liu Pengyu said in a statement.<\/p>\n \u201cChina once again urges the US to immediately correct its erroneous actions, cease discriminatory restrictions against China and jointly uphold the consensus reached at the high-level talks in Geneva,\u201d Liu added.<\/p>\n Broken promises<\/p>\n Earlier this week, media reports suggested the Trump administration had ordered US firms offering software used to design semiconductors to stop selling their services to Chinese groups.<\/p>\n On Wednesday, a spokesperson for the US Department of <\/a>Commerce<\/a> confirmed<\/a> that it was reviewing exports of strategic significance to China, and \u201cin some cases \u2026 suspended existing export licences or imposed additional licence requirements while the review is pending\u201d.<\/p>\n On Friday, shortly after lamenting China\u2019s lack of compliance with the Geneva agreement, President Trump also announced plans to increase tariffs on foreign imports of steel from 25 percent to 50 percent on June 4.<\/p>\n The agreement two weeks ago dialling back tariffs for 90 days prompted a massive rally in global stocks, as it effectively lowered the US tariff rate on Chinese goods to the mid-teens from about 25 percent in early April.<\/p>\n As part of the deal, China also agreed to lift trade countermeasures restricting exports of critical metals needed for production by US semiconductors, electronics and defence industries.<\/p>\n But Trump administration officials have publicly stated that China has been slow to adhere to their Geneva commitments and have so far failed to comply.<\/p>\n \u00a0<\/p>\n The Reuters news agency also reported on Friday that global auto executives are sounding the alarm on a looming shortage of rare-earth magnets from China that could force car factories to close within weeks.<\/p>\n \u201cWithout reliable access to these elements and magnets, automotive suppliers will be unable to produce critical automotive components, including automatic transmissions, throttle bodies, alternators, various motors, sensors, seat belts, speakers, lights, motors, power steering, and cameras,\u201d the Alliance for Automotive Innovation said in a letter to the Trump administration.<\/p>\n","protected":false},"excerpt":{"rendered":"United States President Donald Trump has accused China of violating an agreement to mutually roll back tariffs 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