Trump ratchets up US-China trade war

US PRESIDENT THREATENS TECH EXPORT LIMITS, NEW 100% TARIFF ON CHINESE IMPORTS STARTING NOV 1 OR SOONER

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President Donald Trump said Friday that he's placing an additional 100 per cent tax on Chinese imports starting on Nov 1 or sooner, potentially escalating tariff rates close to levels that in April fanned fears of a steep recession and financial market chaos.

The president said he is imposing these new tariffs because of export controls placed on rare earths by China.

Trump said on Truth Social that “starting November Ist, 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.”

Trump said Friday that “there seems to be no reason” to meet with Chinese leader Xi Jinping as part of an upcoming trip to South Korea and threatened additional tariffs after China restricted exports of rare earths needed for American industry.

The Republican president suggested that he was looking at a “massive increase” of import taxes on Chinese products in response to Xi's moves. It's possible that this could amount to either posturing by the United States for eventual negotiations or a retaliatory step that could foster new fears about the stability of the global economy.