Overview

• President Trump announced an additional 100% tariff on Chinese imports by November 1 and threatened limits on exports of “critical software,” then later struck a conciliatory tone on Truth Social and said a possible APEC meeting with Xi was not canceled.
• China’s Ministry of Commerce accused Washington of double standards and warned of decisive countermeasures, while so far avoiding new reciprocal tariffs and instead imposing fees on U.S.-linked ships calling at Chinese ports starting this week.
• Beijing expanded controls on rare‑earth–related technologies, requiring export permits and stating that exports for military uses would generally be denied.
• New York stock indices fell after the latest escalation, reflecting concern over supply‑chain risks for high‑tech and defense industries.
• China remains the dominant processor of rare earths, reported at over 90% of market share, heightening global dependence as existing U.S. tariffs of 30% and China’s 10% leave companies bracing for further disruption.