Summary
- President Trump hinted at the possibility of halting imports of Chinese rare earths.
- The U.S. said it mentioned banning Chinese carriers from flying over Russian airspace and the possibility of negotiating the soybean issue.
- It reported that the U.S. imposed additional sanctions immediately after China strengthened controls on rare earth exports.
The power struggle between Chinese President Xi Jinping and U.S. President Donald Trump is intensifying. This is to gain an advantageous position in negotiations ahead of the US–China summit to be held later this month in Gyeongju, North Gyeongsang Province.
On the 9th (local time), at a White House cabinet meeting, President Trump was asked by reporters, 'China has introduced export controls on rare earths and stopped imports of U.S. soybeans; how will you talk with China?' He said, 'We import large quantities from China,' and 'We may have to stop that.' He then indicated the possibility of negotiations, saying, 'I am confident we can resolve the soybean issue,' but a renewed trade war cannot be ruled out.
According to Reuters, the Trump administration is pursuing a plan to ban Chinese carriers flying over Russian airspace to and from the United States. The U.S. Department of Transportation proposed such a ban, saying it must correct unbalanced competitive factors between U.S. and Chinese carriers.
At the same time, the U.S. Treasury Department's Office of Foreign Assets Control sanctioned some 50 individuals, companies and vessels that could sell or ship Iranian crude oil and liquefied petroleum gas. The sanctions included crude oil terminals and refiners located in China. The U.S. measures came immediately after China announced strengthened controls on rare earth exports.
Beijing=Kim Eun-jung, correspondent kej@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
