Overview

• Trump said the United States will add a 100% tariff on Chinese imports and impose export controls on any critical software starting November 1 or sooner.
• China’s Commerce Ministry condemned the plan as hypocritical, warned it will take corresponding measures, and said it does not fear a fight.
• U.S. markets sold off after the announcements, with the S&P 500 dropping roughly 2% to 2.7% and tech shares leading declines as investors sought havens.
• China expanded export controls by adding five rare‑earth elements, tightening oversight of semiconductor and refining technologies, and requiring approval for magnets containing even traces of Chinese materials.
• Analysts said the new U.S. tariff would lift effective import taxes on Chinese goods to about 130% and effectively end the May truce, with the planned APEC sideline meeting now uncertain.