Overview
- President Donald Trump has kept in place a plan to impose an additional 100% tariff on Chinese goods, with restrictions on exports of “all strategic software,” effective November 1 or earlier.
- China retaliated by levying special duties on U.S. ships entering its ports and sanctioning five U.S. subsidiaries linked to South Korea’s Hanwha Ocean, while stating it remains open to negotiations.
- Beijing’s move followed newly announced controls on exports of technologies tied to rare earths, reinforcing its leverage in materials critical to tech, energy and defense supply chains.
- Markets swung sharply: Hong Kong’s Hang Seng fell about 3.5% on October 13, then Wall Street and European shares rebounded as Trump struck a softer tone and earnings beat forecasts, boosting mining and rare‑earth names.
- Official data showed China’s September exports rose 8.3% year on year and imports 7.4%, though analysts warn a tariff tit‑for‑tat could quickly raise inflation risks and threaten global growth.