Overview

• China’s commerce ministry called President Trump’s tariff move hypocritical and linked its rare-earth curbs to recent U.S. steps including company blacklists and port fees on China-linked ships.
• The tightened regime adds five elements—holmium, erbium, thulium, europium and ytterbium—to existing limits, introduces a 0.1% China-content approval trigger, and extends controls to processing technologies and equipment.
• Trump announced 100% tariffs on Chinese exports and new U.S. export controls on critical software taking effect November 1.
• Beijing has not introduced new tariffs on U.S. goods, signaling space for negotiations while warning it will take corresponding measures if Washington escalates.
• Market volatility intensified as rare-earth shares jumped and major U.S. indices fell, and the dispute now threatens a planned Trump–Xi meeting at the APEC summit.