US Wants To Help China, Not Hurt It: Trump Softens Stance After 100% Tariff Threat

Chinese products currently face American tariffs of 30 percent under measures implemented during Trump's previous administration. (File)

President Donald Trump declared on Sunday that the United States aims to assist China rather than damage it, adopting a more conciliatory approach just days after he threatened to impose an additional 100 percent tariff on products from the world's second-largest economy.

Trump's statements on Friday, including his threat to cancel an upcoming meeting with President Xi Jinping later this month, caused Wall Street stocks to fall into negative territory as investors grew concerned about a potential rekindling of trade tensions between Washington and Beijing.

"The USA wants to help China, not hurt it!!!" Trump wrote in his Sunday post on Truth Social. He added that "respected President Xi (Jinping)... doesn't want Depression for his country."

On Friday, Trump had announced his intention to impose extra levies starting November 1 in response to what he described as "extraordinarily aggressive" new Chinese export restrictions on the rare-earths industry.

In response, Beijing accused Washington of unfair practices, with China's Ministry of Commerce describing Trump's tariff threat on Sunday as a "typical example of 'double standards.'"

The ministry stated that Washington had intensified economic measures against Beijing since September.

"Threatening high tariffs at every turn is not the right approach to engaging with China," the ministry declared in an online statement.

Chinese goods currently face US tariffs of 30 percent under levies that Trump imposed while accusing Beijing of contributing to the fentanyl crisis and engaging in unfair trade practices.

China's retaliatory tariffs currently stand at 10 percent.

Rare earth elements have emerged as a major point of contention in recent trade negotiations between the two economic superpowers.

These materials are essential for manufacturing a wide range of products including smartphones, electric vehicles, military equipment, and renewable energy technology, but they are produced and processed almost exclusively by China.