Overview

• President Donald Trump announced an additional 100% tariff on Chinese imports and new U.S. export controls on all critical software, effective November 1 or sooner depending on Beijing’s actions.
• The moves follow reports that China notified countries of expanded export restrictions on rare-earth elements and related inputs, a domain where it dominates processing and magnet production.
• U.S. stocks fell sharply, Treasury yields dropped, and gold jumped as investors sought safety, while analysts warned the tariff package could fuel inflation and raise consumer costs across electronics and other goods.
• Uncertainty clouds a planned Trump–Xi meeting at the APEC summit in South Korea after Trump signaled he might cancel before later saying he had not definitively done so.
• China’s Commerce Ministry called on the United States to retract the measures and pursue dialogue, describing its rare-earth steps as tighter licensing rather than a ban and warning of further countermeasures, including reciprocal port fees.