Overview

• Trump announced an additional 100% tariff on all Chinese imports effective Nov. 1, stacking on existing duties to roughly 130%, and said the U.S. will restrict exports of “any and all critical software.”
• China’s Commerce Ministry condemned the move as hypocritical, warned of “corresponding measures,” and asserted it does not want a fight but is not afraid to fight.
• Beijing expanded export controls on rare‑earth elements and related technologies, adding five elements and dozens of refining processes and requiring approvals for products using Chinese materials, with some provisions set to take effect later.
• The APEC sideline meeting between Trump and Xi is uncertain after Trump questioned its value; on Sunday he struck a softer tone, writing that the U.S. wants to help China rather than harm it.
• Markets slid on the escalation, with the Nasdaq down about 3.6% and the S&P 500 off roughly 2.7% Friday, as China also rolled out special port fees for U.S.-linked ships and opened an antitrust probe into Qualcomm.