Overview

• President Trump said the U.S. will impose an additional 100% tariff on Chinese imports and new export controls on critical software starting Nov. 1.
• China’s Commerce Ministry expanded export controls on rare‑earth materials, equipment and technologies, with domestic rules effective immediately and extraterritorial provisions slated for Dec. 1.
• Beijing stated that export licenses will not be granted to dual‑use or military end users, and reports say licensing could be required for products with as little as 0.1% Chinese rare‑earth content or made using Chinese processing technology.
• Trump questioned proceeding with a planned meeting with President Xi at the APEC summit in South Korea, leaving the encounter uncertain as both sides signal further countermeasures.
• Markets fell on the escalation, with reports citing steep declines in major U.S. indices, while analysts warned of risks to semiconductor, auto and defense supply chains given China’s dominant role in rare‑earth processing.