President Donald Trump announced Friday he will impose a 100% tariff on Chinese imports starting Nov. 1, escalating trade tensions after a sharp stock market drop. The move follows China’s decision to impose new export restrictions on rare earth minerals, critical to the global tech industry.
Response to “Aggressive” Chinese Trade Moves
Trump said China sent “an extremely hostile letter” to the world, outlining broad export controls on nearly all products. He called the action “unprecedented” and “a moral disgrace,” vowing to raise tariffs “over and above any Tariff that they are currently paying.” Current tariffs stand at 30%, down from a peak of 145% earlier this year.
Stock Market Reaction
Earlier Friday, Trump’s tariff threats triggered a selloff on Wall Street. The Dow Jones Industrial Average fell 385 points, or 0.8%, while the S&P 500 dropped 1.25% and the Nasdaq declined 1.75%.
Oval Office Remarks
Speaking later from the Oval Office, Trump described China’s actions as “shocking” and insisted his decision was a reaction, not provocation. “This was just a response to something that they did,” he said, adding, “We’ll see what happens.”
Xi Meeting Uncertain
Trump hinted he may cancel his planned meeting with Chinese President Xi Jinping at the upcoming APEC summit in South Korea. “Now there seems to be no reason to do so,” he wrote earlier, though he later clarified that the meeting’s status remains undecided.
The announcement marks a sharp escalation just weeks before the current trade truce between the two nations is set to expire.
For more on this story, stay tuned to Que Onda Magazine.