Overview

• President Donald Trump said there is no reason to meet Xi Jinping at APEC in South Korea and warned of a potential massive tariff increase on Chinese imports, prompting a market sell‑off reported as pushing major indexes lower.
• China’s Commerce Ministry issued sweeping export controls covering rare earth materials, processing technologies, magnet making, recycling, and related production‑line services, with domestic measures effective now and extraterritorial rules starting Dec. 1.
• Licenses will be denied to foreign entities classified as dual‑use or military end users and to those tied to the design, development, production or use of weapons of mass destruction.
• Extraterritorial provisions require licenses for products containing more than 0.1% by value of Chinese‑origin rare earths or made using China’s extraction processes, extending controls to transactions outside China.
• Beijing will scrutinize items used for 14‑nanometer‑class semiconductors and 256‑layer‑plus memory and it added restrictions on equipment such as lithium‑ion battery production lines, with officials framing the measures as national security and nonproliferation steps.