Overview

• China’s customs agency reported September exports up 8.3% year over year and imports up 7.4%, producing a trade surplus of about US$90.5 billion.
• The White House announced an additional 100% tariff on Chinese goods to take effect on November 1, alongside proposed controls on so‑called critical software.
• Bessent said President Trump is expected to meet Xi Jinping in South Korea and indicated another negotiating round is planned in Frankfurt before the existing truce expires.
• Beijing condemned the U.S. move, demanded the tariff be withdrawn, and warned it will take corresponding measures after tightening export controls on rare earths.
• Exports to the United States fell about 27% while sales to the European Union, Southeast Asia and Africa rose strongly, with analysts noting rerouting via Vietnam and warning a 100% tariff could cripple trade and strain global supply chains.