But according to Beijing, it was Washington’s expansion of curbs on Chinese firms that ratcheted up tensions and drove it to further tighten its grip on the critical minerals essential in the production of a wide range of electronics, automobiles and semiconductors. In a rapid escalation of friction over the weekend, Trump said he would restore tariffs on China to triple-digit levels due to Beijing’s new controls, prompting the Chinese government to vow “corresponding measures.”
The moves between the world’s two largest economies have rattled markets, unnerved global industries of production shocks, and rekindled fears of a repeat of the tit-for-tat tariff offense in spring, when levies on Chinese and American imports reached levels tantamount to trade embargoes.
