00:00The Chinese Commerce Ministry on Tuesday urged the United States to demonstrate sincerity
00:07in their trade discussions and work with China to resolve any differences.
00:11They said export control measures on rare earths and related items are legitimate practices
00:17undertaken by the Chinese government in accordance with laws and regulations to improve its export
00:22control system.
00:23They said their export controls do not prohibit exports, and applications that meet the requirements
00:29will continue to be approved as before.
00:32And this will maintain the stability of the global industrial and supply chains.
00:37Their comments come after the U.S. claimed that China had postponed a phone call to discuss
00:42their export controls.
00:44They said the U.S. had long generalized national security concerns, abused export controls,
00:50and discriminated against China.
00:52They said the U.S. should safeguard the hard-earned outcomes of their trade negotiations in recent
00:57months.
00:58And I can tell you it was highly inappropriate for them to...
01:01U.S. Treasury Secretary Scott Besant told Fox News that both sides maintained substantial
01:07communications over the weekend, and more meetings are expected.
01:11The Chinese economy is doing very poorly, and maybe they're trying to take focus off of
01:16that.
01:17Two, China as opposed to the United States.
01:21The United States is pushing for peace in the world.
01:24China is financing war.
01:26China purchases of Russian oil, is financing the Russian war machine.
01:31They purchase Iranian oil, and we have been calling them out on that.
01:35So maybe it was to distract from that.
01:38And three, maybe it was a mistaken attempt to try to gain leverage before the two leaders
01:44meet in Korea in October.
01:47And I can tell you, trying to get leverage in front of a meeting with Donald Trump is a
01:52bad idea.
01:53It was a miscalculation, but we are communicating now.
01:56I am confident that we can move forward.
01:59He said U.S. President Donald Trump is on track to meet Chinese President Xi Jinping in South
02:04Korea in late October to straighten out their trade issues, which had de-escalated after
02:10breakthrough talks in Geneva, Stockholm, and Madrid over the past five months.
02:15The potential trade war between the two nations was revived after China announced last week the
02:23expansion of its rare earth element export controls.
02:26In response, the U.S. said it will impose additional 100 percent tariffs on Chinese goods
02:33into the U.S., along with new export controls on any and all critical software by November 1st.
02:45The U.S. said is the same for 5%-6 U.S. in Spain.
02:54Thank you for the sake of opening.
03:00You're welcome to the U.S. at the International Bank of State for Empires and the U.S.
03:04at the International Bank of State of Australia.
03:08This is the U.S. at the International Bank of State forrebentiaette.
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