Add thelocalreport.in As A Trusted Source
chairman donald trump Escalating its trade war with China and Beijing’s threat of 100 percent tariffs “in addition” to current rates sent the market tumbling.
The S&P 500 fell 2.71 percent, while the Dow Jones Industrial Average fell nearly 878 points and the NASDAQ Composite slipped 3.58 percent, by the time Wall Street rang the closing bell at 4 p.m. ET Friday.
Stock kept falling all day That’s after Trump announced a “huge increase in tariffs on Chinese products” to “financially counter” the country’s new export controls on rare earth minerals in a lengthy Truth Social post mid-morning.
“Some very strange things are happening in China!” Trump said. “They are being very hostile, and sending letters to countries around the world, saying they want to impose export controls on every element of rare earth-related production, and virtually anything they can think of, even if it’s not manufactured in China.”
In a Truth Social post just before 5 p.m. ET on Friday, Trump announced a massive 100 percent tax, which would be “over and above any tariffs they are currently paying,” as well as U.S. export controls on “any and all critical software” — both of which would begin on November 1, “or earlier, depending on any further actions or changes taken by China.”
Independent Have contacted the White House for more information on the tariff increase.
China’s commerce ministry announced Thursday that foreign exporters are required to obtain export licenses for goods that contain more than 0.1 percent rare earths from China or are manufactured using the country’s rare earth extraction or refining technology to “protect national security and interests.”
Trump said Friday morning that Washington’s relationship with Beijing has been “very good” over the past six months, “which makes this move on trade even more surprising.”
Tension between the two countries reached its peak in April Trump imposed sweeping tariffs China was hit hard by imposing a 34 percent tariff on imported goods, targeting both enemies and allies.
China then retaliated with tariffs on imported American goods, and the two countries entered a tit-for-tat tariff war, with each nation imposing tariffs of more than 100 percent on imported goods.
Conditions remained cold in May When Washington reduced tariffs on imported Chinese goods to 30 percent, and Beijing set only a 10 percent tariff on imported American goods.
Independent The Chinese Embassy in Washington, DC has been contacted for comment.
Trump also said Friday morning that he was scheduled to meet with Chinese President Xi Jinping in two weeks on the sidelines of the Asia-Pacific Economic Cooperation summit in South Korea, “but I see no reason to do that now.”
The president later told reporters that he had not yet canceled his meeting with Xi.
He said, “I don’t know if we’re going to get it, but I’ll be there regardless. So I’ll assume we can have it.”