United States president Donald Trump on Friday announced an additional 100 percent tariff on China.
He made the announcement on his Truth social platform accusing Beijing of taking an “extraordinarily aggressive” stance on trade.
Following the announcement, stock markets fell with Nasdaq down 3.6 percent and the S&P 500 down 2.7 percent.
United States president Donald Trump on Friday announced an additional 100 percent tariff on China. He also threatened to cancel the summit with Xi Jinping, in light of the export curbs on rare earth minerals imposed by China.
He made the announcement on his Truth social platform accusing Beijing of taking an “extraordinarily aggressive” stance on trade and warned that the US would respond firmly.
“Starting November 1st, 2025 (or sooner, depending on any further actions or changes taken by China), the United States of America will impose a Tariff of 100% on China, over and above any Tariff that they are currently paying. Also on November 1st, we will impose Export Controls on any and all critical software,” Trump said.
Trump said that he decided to impose the levies after reports of China imposing wide-ranging export restrictions on nearly all its products, describing the move as “a moral disgrace” in its dealings with other countries.
“It has just been learned that China has taken an extraordinarily aggressive position on Trade in sending an extremely hostile letter to the World, stating that they were going to, effective November 1st, 2025, impose large scale Export Controls on virtually every product they make, and some not even made by them. This affects ALL Countries, without exception, and was obviously a plan devised by them years ago. It is absolutely unheard of in International Trade, and a moral disgrace in dealing with other Nations,” he said.
“They [China] are becoming very hostile, and sending letters to countries throughout the World, that they want to impose Export Controls on each and every element of production having to do with Rare Earths, and virtually anything else they can think of, even if it’s not manufactured in China,” he added.
Following the announcement, stock markets fell with Nasdaq down 3.6 percent and the S&P 500 down 2.7 percent.
The move is expected to heighten trade tensions between both nations with Trump claiming “For every element that they have been able to monopolize, we have two.”
