"President Donald Trump declared Friday that he will impose a 100% tariff on all imports from China, while also imposing export controls on "any and all critical software" from the United States. This is the latest move in what looks like an escalating trade conflict between the United States and China. In a Truth Social post announcing the tariffs, Trump also said this new tariff would be "over and above" any tariffs already imposed on Chinese imports."
"Earlier this week, China announced that it is tightening its export controls on rare earth minerals, requiring that foreign companies apply for a license if they want to export products with even a small amount of those minerals. China is the world's largest producer of rare earth minerals, which are used in products critical to the tech industry, including semiconductors and solar panels. In his post, Trump described China's announcement as "absolutely unheard of in International Trade, and a moral disgrace in dealing with other Nations.""
"Stocks tumbled following Trump's announcement, with the Dow Jones Industrial Average down 1.9% at market close on Friday, the S&P 500 down 2.71% and Nasdaq down 3.56%. Some tech companies were hit particularly hard, with Nvidia and Tesla both down around 5% at market close. The news also affected the crypto markets, leading to liquidations that were reportedly 10x the dollar value of liquidations during the FTX collapse."
A 100% tariff will be imposed on all imports from China and export controls will be applied to any and all critical software from the United States. The tariff will be applied over and above existing tariffs and is scheduled to take effect November 1. China tightened export controls on rare earth minerals, requiring foreign companies to obtain licenses to export products containing even small amounts. Major U.S. stock indices fell sharply, with notable tech losses, and crypto markets saw liquidations reportedly ten times the dollar value of those during the FTX collapse.
Read at TechCrunch
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