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% retaliatory tariffs. Trump previously accused China of unfair trade practices and of being involved in the fentanyl trade.
The latest move follows reports that China sent letters to foreign governments outlining new export limits on rare earth materials—key components used in electronics, electric vehicles, and defense technology.
“There is no way that China should be allowed to hold the world captive,” Trump said, calling Beijing’s stance “very hostile.”
The renewed tensions also cast doubt on the planned meeting between Trump and Xi at the upcoming Asia-Pacific Economic Cooperation (APEC) summit in South Korea.
“I was to meet President Xi in two weeks, but now there seems to be no reason to do so,” Trump posted online.
Later, however, Trump told reporters that the meeting had not been officially canceled.
“I haven’t canceled, but I don’t know that we’re going to have it. I’ll be there regardless,” he said.
Trump accused Beijing of “lying in wait” despite what he described as six months of positive relations, referencing progress on the U.S. government’s push to bring TikTok’s U.S. operations under American control.
The announcement follows China’s decision earlier Friday to impose “special port fees” on U.S.-linked ships, a response to American charges placed on Chinese vessels in April.
Meanwhile, the U.S. Federal Communications Commission (FCC) said it had removed millions of listings for banned Chinese devices from online marketplaces, warning that Beijing was attempting to insert “insecure” technology into American systems.
Trade tensions between Washington and Beijing had eased earlier this year after a series of tariff disputes, but the latest moves suggest a renewed confrontation that could further strain global markets.
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