Don hits China with 100% tariffs, threatens to cancel Xi meeting

DONALD Trump announced an additional 100 percent tariff on China Friday and threatened to cancel a summit with Xi Jinping, reigniting his trade war with Beijing in a row over export curbs on rare earth minerals.

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Trump said the extra levies, plus US export controls on "any and all critical software," would come into effect from November 1 in retaliation for what he called Beijing's "extraordinarily aggressive" moves.

"It is impossible to believe that China would have taken such an action, but they have, and the rest is History," he said on Truth Social. Stock markets fell as the simmering trade war between the United States and China reignited, with the Nasdaq down 3.6 percent and the S&P 500 down 2.7 percent.