"So I would expect that the threat of the 100% has gone away, as has the threat of the immediate imposition of the Chinese initiating a worldwide export control regime."

China’s stance is consistent,” the Chinese Commerce Ministry said in a statement posted online. “We do not want a tariff war but we are not afraid of one.”View on euronews

President Trump announced an additional 10% tariff on Canadian imports on Saturday, but said there is a good chance of a "comprehensive deal" on trade with China.

Yahoo Finance is chronicling the latest news and updates on President Trump's plans to impose tariffs on goods from other countries.

China’s craze for crude is part of a grander plan. Since early 2024, when it became clear that President Donald Trump might return to the White House, officials have stockpiled fuel, food and metals to limit exposure to sanctions and tariffs.

China has reported that its economy expanded at the slowest annual pace in a year in July-September, growing 4.8%, weighed down by trade tensions with the United States and slack domestic demand.

U.S. Treasury Secretary Scott Bessent said negotiators had “a successful framework” for the leaders’ discussion, following two days of meetings in the Malaysian capital. Chinese Vice Commerce Minister Li Chenggang described the talks as yielding a “preliminary consensus” on key disputes that have strained the world’s two largest economies.