Overview

• President Donald Trump announced an extra 100% levy on Chinese imports to take effect by November 1 at the latest, following China’s tightened controls on rare-earth-related technologies.
• A White House official said the new charge stacks on existing duties of roughly 30% and sector-specific rates, potentially lifting some tariffs toward 150% to 200%.
• The U.S. also plans new export restrictions on what it called strategic software to China on the same timeline.
• China broadened its rare-earth licensing regime and said it will impose special duties on U.S. ships in its ports, while Trump questioned the need to meet Xi Jinping at APEC.
• Stocks fell sharply as investors rotated into Treasuries, with the Dow, S&P 500 and Nasdaq closing lower and the 10-year yield slipping toward about 4.06%, and Beijing later accused Washington of double standards.