"The trade war between the U.S. and China is heating up: On Friday, U.S. President Donald Trump lashed out at Beijing after China said it would tighten control over rare earth mineral exports, with the president saying he would impose a new 100% duty on Chinese goods-"over and above" existing tariffs. The reignited trade war has rocked markets, particularly tech stocks, with the Nasdaq closing 3.6% down on Friday."
"Trump made the threat on social media, writing that he would impose the new 100% tariff on Chinese goods by Nov. 1.,. Trump also said that the U.S. would limit exports of "any and all critical software." "It is impossible to believe that China would have taken such an action, but they have, and the rest is History," Trump wrote."
U.S.-China trade tensions escalated after China announced new controls on rare earth mineral exports, prompting President Donald Trump to threaten a 100% duty on Chinese goods and to consider limiting exports of critical software. Trump signaled possible cancellation of a meeting with Xi Jinping and warned of additional countermeasures. Markets reacted sharply, with the Nasdaq falling 3.6% on the day and tech stocks particularly affected. Analysts cautioned that the escalation could worsen the economic outlook beyond earlier tariff-driven disruptions. Rare earth minerals, crucial for magnets, batteries, vehicles and technology manufacturing, are central to the dispute and to supply-chain concerns.
Read at Fast Company
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