Overview

• President Trump labeled China’s sharp reduction of U.S. soybean purchases an economically hostile act and said he is considering ending business tied to cooking oil and other items.
• The White House has announced an additional 100% tariff on Chinese imports to take effect on November 1, following days of heightened trade tensions.
• Beijing recently reinforced export controls on rare‑earth materials and related technologies, requiring approval to export certain magnets that contain even trace Chinese rare‑earth content.
• USTR chief Jamieson Greer said Trump’s meeting with Xi Jinping at the October 27 APEC summit remains on the schedule, though plans could change based on developments.
• U.S. soybean producers report severe strain as exports to China have fallen by about half, prices are down roughly 40%, bankruptcies are up about 50% versus 2024, and China is buying more from Brazil and Argentina.