President Donald Trump could still slap China with 100% tariffs on Nov. 1 or sooner, depending on Beijing's next move in a dispute over rare earths, U.S. Trade Representative Jamieson Greer told CNBC Tuesday.

"A lot depends on what the Chinese do," Greer told CNBC in an interview. "They are the ones who have chosen to make this major escalation."

China announced sweeping restrictions on rare earth exports last week that would disrupt U.S. defense, technology, semiconductor and automobile industries if implemented.

Trump retaliated with the threat of massive tariffs that would effectively shut down trade between the world's two largest economies. But the president appeared to dial back his rhetoric earlier this week, saying "it will all be fine" with China.

"We can't have a situation

See Full Page