Trump fires back at China’s rare earth mineral restrictions by threatening 100% tariffs

President Donald Trump on Friday announced that he would impose 100% tariff on all imports from China, as well as impose export control over “any and all critical software” from the United States of America.

This is the latest step between the United States and China to look like a growing trade conflict. In A true social post Announcing the tariff, Trump also said that this new tariff would be “over and above any of the tariffs imposed on Chinese imports.” (CNBC has reported that US tariffs in Chinese imports vary depending on the product, The base tariff rate is already 40%.)

Earlier this week, China declared that it was To tighten its export controls in rare earth mineralsNeed that foreign companies apply for a license if they want to export a small amount of these minerals. China is the world’s largest rare earth producers, which are used in critical products for the technology industry, including semiconductor and solar panels.

Trump describes China’s declaration in his post as “not at all in international trade and a moral insult to treat other nations”. “

“It is impossible to believe that China took this national step, but they have and the rest of the history,” he wrote.

According to Trump, these new tariffs will be effective after posting November 1. Trump told reporters The tariffs that can still go back, and he cannot cancel the meeting with President Xi Jinping.

Stocks fall After Trump’s announcement, on Friday, the Dow Jones Industrial decreased by an average of 5.7% S&P 500 2.715% and Nasdak by 56%. Some technology companies especially hit the hard, both Nvidia and Tesla fell down to about 5% down the market close.

The news also influenced the crypto markets, causing liquids The value of the dollars of the fluids 10x during the fall of FTXThe