This photograph taken in Paris on April 8, 2025 shows a globe with a USA flag with the inscription "tariffs" planted on it as the global economy has been rocked since sweeping 10 percent US tariffs took effect over the weekend, triggering a dramatic market sell-off worldwide and sparking recession fears. (Photo by JOEL SAGET / AFP)
President Donald Trump has said he would impose an additional 100% tariff on goods from China, starting on November 1 or sooner.
The new tariff is on top of the 30% tariffs already in effect, indicating a massive escalation after months of a trade truce between the two nations.
“The United States of America will impose a Tariff of 100% on China, over and above any Tariff that they are currently paying,” Trump said in a post on Truth Social Friday afternoon, as reported by CNN. “Also on November 1st, we will impose Export Controls on any and all critical software.”
In particular, electronics, apparel, and furniture are among the top goods the United States receives from China.
READ ALSO: US Threatens To Sanction Nations That Back Shipping Carbon Tax
Trump’s announcement is tied to Beijing ramping up export controls on its critical rare earths, which are needed to produce many electronics.
As a result, Trump appeared to call off a meeting with Chinese President Xi Jinping that was scheduled for later this month in South Korea.
Trump’s initial message on Friday, delivered via a Truth Social post, in which he threatened “massive” new tariffs, was ill-received by investors on Friday as fears of a spring déjà vu, when tariffs on Chinese goods soared to a stunning 145%, set in.
The meeting was a repeat of the 2018 semi-final, which Croatia won 2-1 after extra-time,…
He charged him to uphold the highest standards of professionalism and foster unity among officers…
The NDC, which unveiled the move earlier this week, cited the need to protect the…
The Fed decided to hold rates steady at 3.50 to 3.75 percent for the fourth…
Over 40 students and teachers were abducted in the state, prompting national outrage.
Joao Neves opened the scoring in the first half in Houston, but Yoane Wissa equalised…