Peeved at China's refusal to give unlimited access to rare earth elements, the US is gearing up to punish Beijing by slapping it with as high as 500 per cent tariffs. The back-channel talks between the two countries are going on, Donald Trump is most likely to meet Xi Jinping on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Forum meeting in South Korea on October 31. However, Washington is also preparing to arm itself with additional and brutal tariffs to teach China a lesson. Cutting across party lines, 85 US senators may bring the proposal to allow President Donald Trump to impose tariffs of up to 500% on China for purchasing Russian oil.

500% US tariffs on China?

Talking about the plan to punish China, US Treasury Secretary Bessent said Wednesday, "85 US senators are w

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