- U.S. President Donald Trump announced new 100% tariffs on all Chinese imports effective November 1, on top of existing 30% duties, potentially raising total tariffs to 130%.
- The move follows China’s expansion of export controls on rare earth elements and refining technologies, which are critical for technology, electronics, and defense industries.
- Trump also plans to impose export controls on critical American software, potentially hitting China’s tech and AI sectors.
- China controls around 70% of global rare earth mining and over 90% of processing, giving it significant leverage in global supply chains.
- Financial markets reacted negatively, the S&P 500 fell over 2%, its worst day since April, while investors shifted to gold and Treasury bonds amid fears of renewed global trade war and recession risks.
Trump Announces Additional 100% Tariffs on Chinese Imports
