Trump Imposes 100% Tariff on China, Threatens to Scrap Xi Summit
WASHINGTON, Oct 11 — U.S. President Donald Trump announced a new 100% tariff on Chinese goods and warned he may cancel his planned meeting with Chinese President Xi Jinping, escalating tensions between the world’s two largest economies. The decision, which Trump said takes effect on November 1, also includes export controls on all critical U.S. software. He said the measures respond to what he called China’s “extraordinarily aggressive” actions, including export restrictions on rare earth minerals. “It is impossible to believe that China would have taken such an action, but they have, and the rest is history,” Trump wrote on his Truth Social account. Financial markets reacted sharply to the announcement. The Nasdaq fell 3.6% and the S&P 500 dropped 2.7% as investors feared a renewed trade war. Currently, Chinese goods face 30% U.S. tariffs, while Beijing has imposed 10% […]
