Trump eyes 100% extra China tariffs

Indian exporters likely to gain: Experts

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President Donald Trump on Friday threatened to place an additional 100 per cent tax on Chinese imports starting on November 1 or sooner, potentially escalating tariff rates close to levels that in April fanned fears of a global recession.

The president expressed frustration with new export controls placed on rare earth elements by China — and said on social media that “there seems to be no reason” to meet with Chinese leader Xi Jinping as part of an upcoming trip to South Korea.

Trump later told reporters he had not cancelled his meeting. “But I don’t know that we're going to have it” he said during an Oval Office appearance on another subject. “I'm going to be there regardless, so I would assume we might have it.”

Trump also suggested there may be time to ratchet down his steep new tariff threat. “We're going to have to see what happens. That's why I made it Nov. 1.” he said.

On Thursday, the Chinese government restricted access to rare earth minerals, requiring foreign companies to get special approval for shipping the metallic elements abroad. It also announced permitting requirements on exports of technologies used in the mining, smelting and recycling of rare earths, adding that any export requests for products used in military goods would be rejected.

On social media, Trump described the export controls as “shocking” and “out of the blue.” He said China is “becoming very hostile” and that it's holding the world “captive” by restricting access to the metals and magnets used in electronics, computer chips, lasers, jet engines and other technologies.

Trump said in a post 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 per cent on China, over and above any Tariff that they are currently paying.”