Overview

• President Donald Trump announced an additional 100% tariff on Chinese imports and new U.S. export controls on critical software, set to take effect on or before November 1.
• China’s Ministry of Commerce said its move is not an export ban but stricter enforcement and monitoring, adding five elements and tighter scrutiny for semiconductor users while assuring compliant firms they should not worry.
• Beijing urged Washington to reverse the tariff decision and return to dialogue, warned of countermeasures, and stated it does not want a trade war but does not fear one.
• U.S. Trade Representative Jamieson Greer said the United States is prepared for a trade confrontation if necessary, while the status of a planned APEC meeting between Trump and Xi remains uncertain after mixed signals from Trump.
• Markets slid sharply on the announcements, with major U.S. indexes falling, investors moving into Treasuries and gold, the dollar weakening, and oil prices declining, as analysts flagged supply‑chain risks and inflation pressures; attention also turned to Argentina’s rare‑earth deposits as a potential alternative source.