Overview

• In a mid-morning Truth Social post, President Trump said he is weighing a “massive increase of Tariffs on Chinese products” to financially counter Beijing’s rare‑earth export controls.
• U.S. stocks slumped, with the S&P 500 down 2.7%, the Dow off 878 points, and the Nasdaq lower by 3.6% in their worst session since April, according to closing data.
• China’s Ministry of Commerce now requires export licenses for items containing over 0.1% Chinese rare earths or made using its extraction or refining technology, citing national security.
• Trump called China “very hostile” and alleged it is sending letters globally about broad rare‑earth export restrictions.
• Specifics of any new U.S. tariffs have not been released, and reporters have sought comment from the White House and China’s embassy as the standoff escalates.