Overview

• President Donald Trump said the United States will impose an additional 100% tariff on Chinese imports effective Nov. 1, or sooner depending on Beijing’s actions, and announced export controls on “any and all critical software.”
• U.S. markets recorded their worst session since April, with the Dow down about 878 points (1.9%), the S&P 500 off 2.71%, and the Nasdaq down 3.56%, led by sharp declines in semiconductor and Big Tech stocks.
• China’s commerce ministry condemned the U.S. plan as “double standards” and warned of countermeasures, with official statements indicating special port fees on U.S.-linked vessels as a possible step.
• Beijing’s expanded export licensing on rare earths, processing technology and key battery materials—rolling out in November and December—has heightened risks for semiconductor, EV and defense supply chains.
• Trump said a planned APEC meeting with President Xi in South Korea may not proceed, later clarifying it was not formally canceled and suggesting the tariff timeline leaves room for negotiations.