Overview

• President Donald Trump said the additional 100% levy will start Nov. 1 and will be layered on top of existing duties, with press estimates suggesting the effective rate on Chinese goods would approach 130%.
• The White House also plans export controls on what it calls critical software beginning Nov. 1, presented as a national‑security response to China’s moves.
• Beijing days earlier expanded export controls on rare‑earth elements and related technologies, reinforcing oversight of users and requiring approvals for products containing Chinese‑origin materials.
• Stocks sold off after the announcements, with the S&P 500 falling as much as about 2.7% and the Nasdaq down 3.56%, while investors shifted into safe‑haven assets.
• Trump initially cast doubt on a planned APEC meeting with Xi Jinping but later said the encounter was not canceled, as China signaled further steps including special port charges and an antitrust probe of Qualcomm; parts of China’s new rules are reported to take effect in December.