Overview

• President Donald Trump announced an additional 100% tariff on Chinese imports, effective Nov. 1, alongside U.S. export controls on any critical software.
• China’s Ministry of Commerce called the U.S. move a double standard and said it would take corresponding measures if Washington proceeds unilaterally.
• Beijing this week expanded export controls on rare earths by adding elements, tightening rules on refining technologies, and requiring approval for foreign producers using Chinese inputs.
• Trump initially questioned meeting Xi Jinping at the APEC summit but later signaled the encounter remains possible, leaving summit diplomacy uncertain.
• Financial markets sold off on the announcements, with U.S. indexes dropping and haven assets rising as analysts warned the tariff truce could unravel.