Overview
- Trump confirmed the United States will apply roughly 155% tariffs on Chinese goods starting November 1, calling the burden unsustainable for Beijing.
- In a separate Truth Social post, he said an additional 100% tariff would be layered on top of existing duties and that new export controls on critical software would begin the same day.
- Treasury Secretary Scott Bessent and Vice-Premier He Lifeng held a video call and plan to meet in Malaysia this week, and USTR Jamieson Greer said the planned Trump–Xi meeting at APEC remains on schedule.
- Beijing expanded rare-earth export restrictions on October 9, adding elements and new licensing rules, a move Bessent labeled a substantial unprovoked escalation.
- Analysts describe a shift to a more systemic economic confrontation, citing China’s rare-earth leverage, U.S. secondary-tariff strategy tied to Russia’s energy trade, and rising risks of decoupling and supply-chain disruption.