The latest tussle is over rare earth minerals.
Transcript:
CAROLINE WOODS: It looks like U.S.-China trade tensions may be cooling off – at least for now.
Overnight, President Trump struck a surprisingly upbeat tone on Truth Social, writing: “Don’t worry about China, it will all be fine… The U.S.A. wants to help China, not hurt it.”
That’s a sharp turn from just days ago – when Trump threatened 100% tariffs on Chinese imports. Beijing quickly vowed to hit back, warning of “corresponding measures” if the U.S. moves ahead.
The threats follow China’s new export restrictions on rare earth minerals – materials critical for tech and EVs – reigniting fears of a repeat of last spring’s trade war that sent tariffs soaring above 100%.
China says its stance hasn’t changed: “We don’t want a tariff war, but we’re not afraid of one.”Now all eyes are on whether Trump and President Xi will still meet later this month in South Korea – a meeting that could either revive trade talks or send them back to square one.
U.S. Treasury Secretary Scott Bessent told Fox News that the meeting is still on track – and that’s good enough for stocks, which have been on edge but are trying to bounce back in early trading Monday.
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