Overview

• Trump set November 1 for an additional 100% duty on Chinese imports and said new U.S. export controls on “critical software” will take effect.
• China’s commerce ministry called the U.S. stance “double standards” and vowed to take “corresponding measures,” but it has not unveiled matching tariffs.
• Beijing’s Announcement 61 expanded rare‑earth controls to 12 of 17 elements with export licenses that can be triggered by as little as 0.1% Chinese content.
• U.S. stocks fell sharply on Friday after the tariff threat, with the S&P 500 down 2.7%, the Nasdaq off 3.6%, and the Dow lower by about 1.9%.
• Prospects for a Trump–Xi meeting at APEC in South Korea are uncertain after Trump questioned the need to meet before later saying the U.S. wants to help China.