The new tariffs on Chinese goods will kick in on November 1. These tariffs are on top of the 30% duties already in place on Chinese imports.
The new tariffs threaten to restart a trade war first launched earlier this year shortly after Trump took office, with both nations exchanging exponentially high tariffs which were later paused after several rounds of negotiations.
Earlier on Friday, Trump threatened to cancel a meeting planned with Chinese President Xi Jinping in nearly three weeks in South Korea.
The US president had said there was no reason to hold the meeting after China announced its dramatic expansion of its rare earth element export controls.
On Friday evening however, Trump told reporters in the Oval Office that he has not cancelled the meeting.
“No I haven’t canceled but I don’t know that we’re gonna have it,” he said. “But I’m gonna be there regardless so I would assume we might have it.”
Beijing dominates the market for rare earths, which are essential for tech manufacturing.
The meeting between Trump and Xi was announced by Trump but never confirmed by China.
