Overview

• President Donald Trump announced an additional 100% tariff on Chinese imports and new export controls on any critical software, set to take effect on Nov. 1.
• The measures were framed as retaliation for China’s expanded export controls on rare‑earth elements and related refining technologies, sectors where China dominates global processing.
• The additional levy would sit atop existing U.S. duties, lifting effective rates on some goods to roughly 130% according to media calculations.
• Trump questioned a planned APEC meeting with Xi Jinping, then later said the session was not canceled and could still happen in South Korea at month’s end.
• Markets fell after the statements, and Trump floated potential export controls on Boeing aircraft parts, while China denounced U.S. actions as a double standard and has pursued steps such as new port fees and a Qualcomm antitrust inquiry.