President Donald Trump declared on Friday that starting next month, the U.S. will impose new 100% tariffs on Chinese imports, citing what he described as China’s ‘aggressive’ actions related to export controls.
In a social media post, Trump revealed that the new tariffs would go into effect on November 1.
He stated that the decision was in response to China’s extraordinarily aggressive stance on trade, particularly concerning its export control measures. Trump also noted that, on the same date, the U.S. would introduce export restrictions on “any and all critical software.”
The announcement came just hours after Trump threatened a significant hike in tariffs on Chinese goods, retaliating against China’s newly imposed restrictions on the export of rare earth minerals.
China accounts for roughly 70% of the world’s supply of rare earth minerals, which are crucial components in high-tech sectors such as automotive, defense, and semiconductor industries.
Tariffs on Chinese goods entering the U.S. are currently set at 30%, a decrease from a peak of 145% earlier this year. Trump stated that the upcoming tariffs would be in addition to any existing tariffs China is already paying.
Earlier on Friday, Trump hinted that he might call off his meeting with Chinese President Xi Jinping at the upcoming Asia-Pacific Economic Cooperation summit in South Korea, citing China’s newly imposed controls as the reason.
The United States and China have been in a delicate trade truce since May, when both countries agreed to lift triple-digit tariffs that had nearly halted bilateral trade. However, this temporary agreement remains in place and is set to expire in less than a month.
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