“We are considering terminating business with China having to do with Cooking Oil, and other elements of Trade, as retribution,“ Trump said on his Truth Social platform.
“We have a fair relationship with China, and I think it’ll be fine. And if it’s not, that’s okay too,“ Trump told reporters at the White House.
In an interview with the Financial Times on Monday, US Treasury Secretary Scott Bessent slammed Beijing, accusing it of seeking to harm the global economy following China’s sweeping new export controls in the strategic field of rare earths.
“I have a great relationship with President Xi (Jinping), but sometimes it gets testy, because China likes to take advantage of people,“ Trump said. “Where the punches are thrown, you got to put up the blocks.”
US imports of animal fats, greases and processed oils, including those used cooking oil, have skyrocketed in recent years -- driven by rising domestic production of biomass-based diesel, according to government data.
While tensions between Washington and Beijing have de-escalated from their peak, the truce remains shaky.
And US Trade Representative Jamieson Greer told CNBC separately that this timeline could be accelerated.
China is the world’s leading producer of the minerals used to make magnets crucial to the auto, electronic and defense industries.
Last week, Trump also threatened to scrap a planned meeting with Xi at the Asia-Pacific Economic Cooperation (APEC) summit starting later this month.
On Tuesday, China said it was ready to “fight to the end” in a trade war with the United States. - Bernama
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