Overview

• President Donald Trump threatened a "massive" tariff increase on Chinese goods and said there is no reason to meet Xi Jinping at the APEC gathering in South Korea in two weeks.
• China’s Ministry of Commerce added five elements—holmium, erbium, thulium, europium and ytterbium—plus dozens of processing technologies and equipment to its export‑control list and tightened rules on selected battery materials.
• Beijing said most licenses for military end users will be denied and justified the measures on national‑security grounds, while analysts noted the framework mirrors aspects of the U.S. foreign direct product rule.
• The controls capture foreign‑made rare‑earth magnets and some semiconductor materials produced with Chinese techniques or containing trace Chinese heavy rare earths, with phased implementation beginning November 8 and broader measures from December 1.
• Markets reacted to the escalation, with Chinese rare‑earth stocks jumping in Shanghai and major U.S. indices falling after Trump’s posts, as China also placed 14 mostly defense‑linked foreign firms on its "unreliable entities" list.