The world’s two largest economies – America and China, are once again ready to clash in a Tariff War. Donald Trump has announced to impose a new tariff of up to 100% on goods coming from China, which will come into effect from November 1. With the already imposed 30% tax, the total tariff will reach 130%. This step has been taken in response to new restrictions on the export of Rare Earth Minerals by China. China has recently increased control over 5 more minerals like holmium, erbium, thulium, europium and ytterbium. Now China has control over 12 out of 17 Rare Earth Elements. These minerals are used in important sectors like EVs, Mobiles, Satellite, Defense Technology. China not only controls 70% of the global supply but also 90% of the processing. This can have a major impact on the industrial supply chain and national security of America and its allied countries. Is this the beginning of a new trade war? Time will tell…
China’s control on Rare Earth, America’s counterattack with 130% tariff! Money Live | China gains control over Rare Earth, America retaliates with 130% tariff!
