Overview

• The White House said the 100% surcharge will be added to existing duties, with analysts reporting that some combined rates could reach 150% to 200% in certain sectors.
• Trump also announced new controls on exports of so‑called strategic software to China, set to take effect on the same timetable.
• China’s new rules extend export licensing to technologies and products tied to rare‑earth extraction and production, including items made abroad that contain Chinese‑origin materials above the 0.1% threshold.
• Wall Street fell sharply after the announcements, with the S&P 500 down 2.71%, the Nasdaq off 3.56% and the Dow lower by 1.90% by the close.
• Trump indicated there may be no reason to meet Xi Jinping at the APEC summit, and Beijing said it will impose special duties on U.S. ships calling at Chinese ports.