Beijing signaled on Sunday that it plans to sustain certain rare earth export controls, despite threatened Trump Administration retaliatory tariffs of 100% on China imports, to be levied next month.

"China's announcement of export control measures on rare earths and related items is a legitimate action by the Chinese government to refine its export control system in accordance with laws and regulations," said the Ministry of Commerce, People Republic of China (MOFCOM) on Sunday.

Certain rare earth and refined metals are essential to a broad range of tech and defense products, from jet engines, radar systems and batteries for electric vehicles to consumer electronics, including laptops and phones.

In several rare earths and refined products, China has a near monopoly, including the metals and alloys derived from neodymium, praseodymium, dysprosium, and terbium, among others.

Neodymium, for example, is critical to the capacity of high-performance magnets used in EVs.

Last Friday, the Trump Administration announced that the US will impose an import levy of 100% on China imports by Nov.1, and impose export control on all critical software, in response to China's restrictions on the exports of rare earths and related products.

Beijing said on Sunday it will not be bowed. "Willful threats of high tariffs are not the right way to get along with China. China's position on the trade war is consistent: we do not want it, but we are not afraid of it," said MOFCOM.

The S&P 500 Index on Friday fell 2.7%, and the Nasdaq fell 3.6%, in part due to media reports of refreshed Beijing-Washington trade tensions, following announcement of the threatened higher Trump Administration tariffs on China.

However, on Monday, President Donald Trump appeared to desire a reduction in US-China trade tensions.

"Don't worry about China, it will all be fine!" Trump wrote on Truth Social, a social-media platform. "Highly respected President Xi just had a bad moment. He doesn't want Depression for his country, and neither do I. The U.S.A. wants to help China, not hurt it!!!"

In the pre-bell futures market Monday, the S&P 500 was up 1.4%, and the Nasdaq was up 1.9%.