President Donald Trump on Friday declared he would impose 100% tariffs on all imports from China, as well as impose export controls on “any and all critical software” from the United States.
This is the latest move in what appears to be an escalating trade war between the United States and China. In a post on Truth Social announcing the tariffs, President Trump also said the new tariffs would “far exceed” tariffs already imposed on imports from China. (According to a report by CNBC, the basic tariff rate for US imports from China is already 40%, although it varies depending on the item.)
Earlier this week, China announced it would tighten export regulations for rare earth minerals, requiring foreign companies to apply for a permit if they want to export products containing even small amounts of rare earth minerals. China is the world’s largest producer of rare earth minerals, which are used in products critical to the technology industry such as semiconductors and solar panels.
In a post, President Trump called China’s announcement “completely unprecedented in international trade and morally disgraceful in doing business with other countries.”
“I can’t believe China took such an action, but it did and the rest is history,” he wrote.
According to President Trump, these new tariffs are scheduled to go into effect on November 1st. After posting, Trump told reporters that the tariffs could still be lifted and that he would not necessarily cancel his scheduled meeting with President Xi Jinping.
Stock prices plummeted following Trump’s announcement, with the Dow Jones Industrial Average down 1.9%, the S&P 500 down 2.71% and the Nasdaq 3.56% as of Friday’s close. Some tech companies have been particularly hard hit, with Nvidia and Tesla both down about 5% at market close.
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The news also affected the crypto market, leading to a liquidation that was said to be 10 times the dollar value of the liquidation at the time of FTX’s collapse.
