00:22and then President Trump threatened to double tariffs on China to 100%.
00:26Yesterday, the president posted on Truth Social that,
00:29quote, President Xi just had a bad moment.
00:31He doesn't want depression for his country, and neither do I.
00:34The USA wants to help China, not hurt it.
00:37Many exclamation points.
00:38Bloomberg Washington correspondent Tyler Kendall has the latest.
00:41So, Tyler, the Trump administration backing down a bit now after getting pretty hostile on Friday.
00:49Yeah, Matt, well, it appears that President Trump has been hinting at this off ramp.
00:53He told reporters earlier aboard Air Force One that November 1st,
00:58that effective date for potentially higher tariffs against China is an eternity away, in his words.
01:04Keep in mind, November is also that enforcement timeline for those newly unveiled export curbs by China.
01:10So perhaps signaling to us that there is room for de-escalation on both sides.
01:15Still, the White House does maintain that that additional 100% tariff threat is on the table.
01:20And we also heard President Trump float that there could be new restrictions when it comes to the export of U.S. software and certain aircraft parts.
01:28We did get a statement yesterday from China's Commerce Ministry, which said that Beijing was prepared to retaliate,
01:34adding that China does not want a trade war, but it is prepared for one.
01:39Beijing also points to the fact that the U.S. Commerce Department implemented its own export curbs last month on certain advanced chips.
01:46So this is all sort of evolving here in the background, of course, as you well know,
01:50is that China really does have this grip on the global supply chain when it comes to rare earths,
01:55accounted for 70% of global supply last year alone.
02:01So it's something that we're going to have to watch really closely, Matt.
02:04But I would say perhaps the most immediate impact is that it is casting potential doubt on that face-to-face meeting
02:09between President Trump and Xi Jinping that is set to happen at the end of the month
02:13on the sidelines of the APEC summit in South Korea.
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