Overview

• China’s Commerce Ministry called Trump’s tariff move a double standard and said the new rare-earth measures are security-focused controls rather than export bans.
• Beijing’s rules require licenses for exports of products containing more than 0.1% Chinese rare earths and extend to certain mining, processing and magnet-related technologies.
• Trump announced a 100% tariff on Chinese imports and new curbs on “critical software” effective Nov. 1, later saying the U.S.–China relationship will be “fine” as he left room for de-escalation.
• China has not introduced matching tariffs but warned it will take unspecified “corresponding measures,” while also matching U.S. port fees and advancing an antitrust probe into Qualcomm.
• Markets slid on the escalating steps and companies are reassessing supply chains given China’s dominant role in rare-earth mining, processing and magnet production and the uncertainty over a potential Trump–Xi APEC meeting.