Overview

• China added holmium, erbium, thulium, europium and ytterbium to its export controls on rare‑earths, citing national security, with tougher licensing expected to largely block sales to firms linked to foreign militaries from December 1.
• President Donald Trump said he will impose 100% tariffs on Chinese goods starting November 1 and floated canceling a meeting with Xi Jinping, then later called Beijing’s move a “bad moment” as officials signaled communications have resumed.
• Treasury Secretary Scott Bessent said the U.S. is rallying support from Europe, India and Asian democracies, framing the dispute as “China versus the world,” while India and the U.S. continue talks on a bilateral trade pact this week.
• U.S. Trade Representative Jamieson Greer said Washington received no advance notice of the new controls and that Beijing deferred a call, as China’s embassy in Washington rejected U.S. measures and vowed to protect its interests.
• Wall Street fell on Tuesday as tensions escalated, with the S&P 500 down about 1% and the Nasdaq off 1.5% in early trading as investors weighed the risk to supply chains and further retaliation.