Overview

• President Donald Trump said the United States will add a 100% tariff on Chinese imports by Nov. 1, over existing duties, and plans new limits on exports of critical software.
• China’s expanded rare‑earth rules now require export licenses for products containing even small trace amounts of China‑sourced minerals, tightening control over materials central to tech and defense supply chains.
• China’s Commerce Ministry condemned the U.S. plan as a double standard, stated it does not seek a tariff war, and pledged “corresponding measures” if Washington proceeds, while stopping short of announcing new tariffs.
• U.S. markets slumped after the tariff threat, with the Dow down 876 points, the S&P 500 off 2.7%, and the Nasdaq falling 3.6%, led by declines in major tech stocks.
• Prospects for planned Trump–Xi talks are in doubt as companies weigh contingency sourcing in Mexico, India, and Southeast Asia to manage potential disruptions.