Overview

• After threatening 100 percent additional tariffs starting by November 1 and curbs on critical software, President Trump later struck a conciliatory tone and said a planned meeting with Xi Jinping is not canceled.
• Beijing expanded controls on technologies and materials tied to rare earths, citing national security and military uses, saying the measures are not a ban and civilian applications can be licensed.
• China accused the United States of double standards and warned of decisive countermeasures, while announcing port fees on U.S.-linked ships calling at Chinese ports from Tuesday.
• Markets turned lower on the escalation, with reports noting large value losses on major exchanges as investors weighed risks to global supply chains.
• Diplomatic contacts showed strain as U.S. trade officials said Beijing deferred a requested call, and Chinese regulators stepped up scrutiny of foreign firms, including antitrust actions.