President Donald Trump has said he would impose an additional 100% tariff on goods from China, starting on November 1 or sooner.
The new tariff is on top of the 30% tariffs already in effect, indicating a massive escalation after months of a trade truce between the two nations.
“The United States of America will impose a Tariff of 100% on China, over and above any Tariff that they are currently paying,” Trump said in a post on Truth Social Friday afternoon, as reported by CNN. “Also on November 1st, we will impose Export Controls on any and all critical software.”
In particular, electronics, apparel, and furniture are among the top goods the United States receives from China.
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Trump’s announcement is tied to Beijing ramping up export controls on its critical rare earths, which are needed to produce many electronics.
As a result, Trump appeared to call off a meeting with Chinese President Xi Jinping that was scheduled for later this month in South Korea.
Trump’s initial message on Friday, delivered via a Truth Social post, in which he threatened “massive” new tariffs, was ill-received by investors on Friday as fears of a spring déjà vu, when tariffs on Chinese goods soared to a stunning 145%, set in.
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