Trump declares trade war: U.S. imposes 100% tariffs on Chinese goods

President Donald Trump announced a 100% tariff on all Chinese imports following Beijing’s move to restrict exports of rare earth minerals, which are critical for U.S. chip and battery production. Washington viewed China’s decision as a hostile escalation in the ongoing trade tensions.

Source The New York Times

Trump said the new tariffs would take effect on November 1, going “over and above” the existing 30% duties. He added that the U.S. would also expand export controls on advanced technology. Following his announcement, the S&P 500 index dropped more than 2%, reflecting market anxiety over a potential economic clash.

In response, China imposed new global restrictions on the use of its technologies and rare earth materials, alarming major American tech firms like Nvidia, Apple, and Qualcomm. Analysts warn that these tit-for-tat measures could disrupt global supply chains and deepen economic instability worldwide.