Trump Fires Back At China’s Rare Earth Mineral Restrictions By Threatening 100% Tariffs

President Donald Trump declared Friday that he will enforce a 100% tariff connected each imports from China, while besides imposing export controls connected “any and each captious software” from nan United States.

This is nan latest move successful what looks for illustration an escalating waste and acquisition conflict betwixt nan United States and China. In a Truth Social post announcing nan tariffs, Trump besides said this caller tariff would beryllium “over and above” immoderate tariffs already imposed connected Chinese imports. (CNBC reports that while U.S. tariffs connected Chinese imports alteration depending connected nan goods, the guidelines tariff complaint is already 40%.)

Earlier this week, China announced that it is tightening its export controls connected uncommon world minerals, requiring that overseas companies use for a licence if they want to export products pinch moreover a mini magnitude of those minerals. China is nan world’s largest shaper of uncommon world minerals, which are utilized successful products captious to nan tech industry, including semiconductors and star panels.

In his post, Trump described China’s announcement arsenic “absolutely unheard of successful International Trade, and a civilized ugliness successful dealing pinch different Nations.”

“It is intolerable to judge that China would person taken specified an action, but they have, and nan remainder is History,” he wrote.

According to Trump, these caller tariffs are group to return effect connected November 1. After posting, Trump reportedly told journalists that nan tariffs could still beryllium walked back, and that he would not needfully cancel a scheduled gathering pinch President Xi Jinping.

Stocks tumbled pursuing Trump’s announcement, pinch nan Dow Jones Industrial Average down 1.9% astatine marketplace adjacent connected Friday, nan S&P 500 down 2.71% and Nasdaq down 3.56%. Some tech companies were deed peculiarly hard, pinch Nvidia and Tesla some down astir 5% astatine marketplace close.

The news besides affected nan crypto markets, starring to liquidations that were reportedly 10x nan dollar worth of liquidations during nan FTX collapse.