Overview
- President Donald Trump announced an additional 100% tariff on Chinese goods, effective November 1 or earlier, alongside new limits on exports of “all strategic software” to China.
- Beijing days earlier tightened controls on technologies tied to rare‑earth extraction and production, drawing a U.S. response that officials framed as retaliatory.
- Hong Kong’s Hang Seng fell about 3.5% mid‑session, with Shanghai and Shenzhen also lower as Asian equities sold off following the escalation.
- Chinese Customs reported September exports up 8.3% year on year and imports up 7.4%, with shipments to the United States rising 8.6% from August to $34.3 billion.
- A temporary truce had left headline tariffs at 30% on Chinese goods entering the U.S. and 10% on U.S. goods entering China, yet economists warn the new measures could curb trade even as China leans more on ASEAN and the EU and the U.S. share of direct exports falls below 10%.