Overview
- President Donald Trump announced an additional 100% tariff on Chinese imports and new controls on exports of critical software to take effect by Nov. 1.
- Beijing defended expanded licensing and oversight on rare-earth exports as legitimate regulation rather than a ban, saying licenses will be granted for lawful civilian uses.
- China warned it will take firm countermeasures if Washington proceeds, accusing the United States of double standards on export controls.
- U.S. stocks slid after the announcements, with the Nasdaq down 3.56% and the S&P 500 off 2.71%, reflecting renewed concern over technology and supply chains.
- Trump later struck a conciliatory tone and left open a possible APEC meeting with Xi, as U.S. officials reported a postponed outreach call and both countries prepared reciprocal port surcharges set to begin Oct. 14.