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China and ASEAN, hit by US tariffs, sign upgraded free trade pact
Beijing and ASEAN agreed to deepen trade ties as China urged rejection of protectionism
Oct 28, 2025
Oct 28, 2025
Beijing and ASEAN agreed to deepen trade ties as China urged rejection of protectionism
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President Donald Trump acknowledged Friday that his proposed 100% tariff on Chinese goods would not be sustainable in the long run, while placing the blame squarely on Beijing’s actions for the breakdown in trade negotiations.
Asked during an interview on Fox Business whether such a steep tariff could hold, Trump replied, “It’s not sustainable, but that’s what the number is.” He added, “They forced me to do that.”
Trump’s announcement last week introduced additional levies of 100% on U.S.-bound imports from China, along with new export controls on “any and all critical software,” slated to take effect by November 1 — just days before an earlier tariff relief was set to expire. Analysts view the moves as a sharp escalation in the ongoing U.S.-China trade tensions.
The president attributed the escalation to China’s recent tightening of controls on rare earth elements, critical for high-tech manufacturing, saying Beijing’s actions broke the momentum of talks.
Despite doubts earlier in the week, Trump confirmed that he will meet Chinese President Xi Jinping in two weeks in South Korea. He expressed optimism for the outcome, saying, “I think we’re going to be fine with China, but we have to have a fair deal. It’s got to be fair.”
Trump said he “gets along great” with Xi and praised him as a strong leader. Meanwhile, Treasury Secretary Scott Bessent held a call with Chinese Vice Premier He Lifeng Friday evening, describing the exchange as “frank and detailed.” The two are expected to meet in person next week.
This trade escalation has rippled through markets, helping to stem early losses on Wall Street as investors welcomed signs of potential de-escalation.
The World Trade Organization’s Director-General Ngozi Okonjo-Iweala warned that a full economic decoupling between the U.S. and China could shrink global output by up to 7% over the long term. She urged both sides to dial back tensions and return to diplomacy.
On Friday, the Chinese Commerce Ministry accused the U.S. of undermining the rules-based trading system and called for Washington to roll back measures that violate non-discrimination principles at the WTO.
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China shares a border with Afghanistan and Pakistan in its western region and has sought to play a mediating role in calming hostilities between the two sides
Trump reignited his trade war with China on Friday, accusing Beijing of imposing 'extraordinarily aggressive' new export curbs relating to rare earths
Trump, set to meet Xi in South Korea, accused China of holding the global economy hostage with new rare earth export curbs
The proposal follows a tightening of Chinese export controls on rare earth element
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