Trump Tariff Tracker – October 16

U.S. trade relations with China are straining as the revolving door of trade threats and counter-threats between the two countries continue.Last Friday, President Trump announced that the U.S.would impose a 100% tariff on Chinese goods starting on November 1, due to new export controls on rare earth minerals that China is planning.But at the beginning of this week, President Trump walked back that threat when he wrote on Truth Social, "[d]on't worry about China, it will all be fine! Highly respected President Xi just had a bad moment."

Then later this week in a Truth Social post, President Trump took aim at agricultural trade with China criticizing China for refusing to buy U.S. soybeans; saying that "we are considering terminating business with China having to do with cooking oil, and other elements of trade, as retribution."In response to U.S. trade and tariff threats, this week China sanctioned the U.S. units of the South Korean shipping company Hanwha Ocean Co.