Overview

• Trump said the additional tariffs will begin on November 1 and signaled U.S. export controls on “critical software.”
• U.S. markets slid Friday, with the S&P 500 down 2.7% and the Nasdaq off 3.6% on renewed trade risk.
• China’s Commerce Ministry denounced the plan as “double standards,” warned of “corresponding measures,” and announced special port fees on U.S.-linked ships.
• Beijing defended tighter rare earth rules that require licenses and target military end-uses, reflecting its dominant role in mining and processing the materials.
• The added 100% duty would raise effective U.S. tariffs on Chinese goods to about 130%, while China has not immediately matched with new levies and the expected Trump–Xi encounter remains uncertain.