Washington, D.C. — President Donald Trump announced Friday that the United States will impose a 100% tariff on all Chinese imports starting November 1, marking a significant escalation in the ongoing trade dispute between the two nations. This decision follows China’s recent move to restrict exports of rare earth minerals, which are crucial for various U.S. industries, including technology and defense.
In addition to the tariffs, President Trump stated that the U.S. would implement export controls on “any and all critical software,” aiming to counteract China’s tightening of access to essential materials. The President criticized China’s actions as “very hostile” and “sinister,” accusing Beijing of attempting to “clog” global markets and harm other nations.
The announcement has already had a significant impact on global markets. The U.S. stock market experienced its worst day since April, with the Dow Jones Industrial Average falling nearly 900 points and the S&P 500 dropping 2.7%. Analysts warn that these new tariffs could disrupt global supply chains and hinder advancements in artificial intelligence and other critical technologies.
President Trump also indicated that he sees “no reason” to meet with Chinese President Xi Jinping at the upcoming APEC summit, suggesting that China’s recent actions have undermined the basis for such a meeting.
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