Trump threatens China over cooking oil

Watch Trump threatens China over cooking oil - Rizzle on Dailymotion

Transcript

00:00Trump threatens China over cooking oil.

00:03President Donald Trump has escalated tensions with China, threatening to cut off trade in

00:08cooking oil and other products over Beijing's soybean purchases.

00:11China, in turn, warned that trade wars have no winners.

00:15Donald Trump recently accused China of purposefully not buying our soybeans and causing difficulty

00:21for our soybean farmers, which he described as an economically hostile act.

00:26In response, Lin Jian, spokesperson for the Chinese Foreign Ministry, addressed Beijing's

00:30stance at a press briefing.

00:32He said the U.S. and China should resolve differences through dialogue and consultation based on

00:37equality, mutual respect and mutual benefit, according to the Global Times.

00:42Donald Trump warned that his administration is preparing potential retaliatory actions.

00:47We are considering terminating business with China, having to do with cooking oil and other

00:51elements of trade as retribution.

00:54As an example, we can easily produce cooking oil ourselves.

00:57We don't need to purchase it from China, he announced.

01:00Once the top buyer of U.S. soybeans, China hasn't imported a shipment since May, according

01:05to the U.S. Department of Agriculture.

01:08In 2024, China accounted for $12.5 billion of the $24.5 billion in U.S. soybean exports.

01:16But in recent months, that number has dropped to zero.

01:19Almost every product imported from China into the U.S. is hit with hefty tariffs, ranging

01:25from 50% on steel and aluminum to 7.5% on consumer goods.

01:30Earlier this month, China imposed new restrictions on rare earth exports, which the Donald Trump

01:36administration says violated previous tariff agreements.

01:39In retaliation, Donald Trump threatened a 100% tariff on China, sending global markets

01:45into a sell-off.

01:46Lin Jian responded to the warning, saying, China firmly rejects the recent U.S. restrictions

01:51and sanctions on China, and will do what is necessary to protect its legitimate rights

01:55and interests.

01:56Threatening high tariffs is not the right way to deal with China.

01:59In retaliation, is not the right way to deal with China.

02:13A $10 billion in rural markets have a unique option, which is also an informal market to

02:16the U.S. Translation.

02:16The U.S. Translation.

02:17The U.S. Translation.

02:18The U.S. Translation.

02:20The U.S. Translation.

02:21The U.S. Translation.