Overview

• President Donald Trump said the new tariff and export controls take effect on November 1, 2025, or earlier depending on any further Chinese actions.
• The United States will also apply export controls on “any and all critical software,” according to Trump's post on Truth Social.
• Trump said he sees no reason to meet China's Xi Jinping at the APEC summit in South Korea, a session Beijing had not publicly confirmed.
• China earlier broadened export restrictions on rare‑earth elements and related technologies, including tighter rules for foreign semiconductor users and processors.
• Markets fell on the announcements, with U.S. stocks sliding — the S&P 500 down as much as about 2–2.7% and the Nasdaq off roughly 3.6% — as investors sought safe‑haven assets.