Overview

• President Donald Trump announced an additional 100% tariff on Chinese imports and new export controls on any “critical” software bound for China, set to begin on November 1 or earlier depending on Beijing’s actions.
• China’s Ministry of Commerce defended its expanded export controls on rare earths as lawful oversight rather than a ban and warned it would take firm countermeasures if Washington moves ahead.
• The planned Trump–Xi meeting at the APEC summit is uncertain after Trump said he saw no reason to meet, then later struck a conciliatory tone and indicated the session was not formally canceled.
• U.S. markets slid on the escalation, with the Nasdaq down about 3.56% and the S&P 500 off roughly 2.71% after the tariff announcement.
• Rare earths sit at the heart of the dispute as China controls an outsized share of mining and processing, and the standoff now includes reciprocal port fees set to take effect on October 14.