US President Donald Trump escalated the ongoing trade conflict with China on Friday, October 11, by announcing a 100% tariff on all Chinese imports, effective November 1.
The move comes in response to China’s recent restrictions on rare earth mineral exports, which are critical for technology and defence industries. Trump also revealed plans for strict export controls on “any and all critical software”, criticizing Beijing for what he called “extraordinarily aggressive” actions.
Commenting on the situation via his Truth Social platform, Trump said, “It is impossible to believe that China would have taken such an action, but they have, and the rest is history.”
Financial markets reacted sharply to the announcement, with the Nasdaq falling 3.6% and the S&P 500 dropping 2.7%, reflecting investor concerns over the renewed trade tensions.
Trump also questioned the upcoming summit with Chinese President Xi Jinping at the Asia-Pacific Economic Cooperation (APEC) meeting in South Korea, suggesting it may not go ahead under current circumstances.
China has not yet issued an official response to the latest developments.
