Overview

• The additional levy takes effect November 1 and is applied over existing duties, lifting overall rates on Chinese goods toward roughly 130% according to multiple reports.
• U.S. markets slid on the announcement, with the S&P 500 down 2.7% and the Nasdaq off 3.6%, while estimates suggest about $1.65 trillion in value was erased as gold rose and the dollar weakened.
• The administration also plans export controls on “any and all critical software,” with the scope not yet defined by officials.
• China’s October 9 rules expand rare‑earth export controls and, with enforcement phases starting in November and December, heighten cost risks for sectors such as EVs, wind turbines and semiconductors.
• Indian exporters and trade bodies report new interest from U.S. buyers, including Target, as analysts say diverted demand could benefit India, and a planned Trump–Xi meeting at APEC remains uncertain.