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U.S. President Donald Trump admitted that his proposed 100% tariff on Chinese imports is “not sustainable,” but placed the blame on Beijing for escalating trade tensions. Speaking to Fox Business Network, Trump said Chinese authorities forced his hand after tightening control over rare-earth exports, a sector crucial to global tech manufacturing.
The tariffs, unveiled a week ago, also included new export controls on critical U.S. software set to take effect by November 1—just before existing tariff relief expires. Trump’s remarks came as he confirmed plans to meet Chinese President Xi Jinping in South Korea within two weeks, expressing optimism about reaching a “fair deal.”
The president’s softened tone helped stabilize Wall Street, with major U.S. stock indexes rebounding after sharp declines triggered by renewed tariffs and regional bank concerns. Meanwhile, U.S. Treasury Secretary Scott Bessent held what he described as “frank and detailed” talks with Chinese Vice Premier He Lifeng, with plans for an in-person meeting next week.
The World Trade Organization (WTO) voiced deep concern over the escalating U.S.-China trade dispute. WTO Director-General Ngozi Okonjo-Iweala warned that economic decoupling between the world’s two largest economies could slash global output by 7% in the long term. She urged both nations to return to dialogue and de-escalate trade frictions.
China’s Commerce Ministry responded by accusing Washington of undermining the multilateral trading system since 2025 and pledged to intensify its use of WTO dispute mechanisms. It urged the U.S. to withdraw measures that violate non-discrimination rules and align its industrial and security policies with global trade obligations.
Despite the diplomatic strain, Trump reaffirmed that communication remains open, stating, “China wants to talk, and we like talking to China.”
