The United States will impose tariffs on Chinese goods that are 100 percent higher than the existing tariff rate. This is what US President Donald Trump wrote in a post on the social media site Truth Social.
According to Trump, the increased tariff rate will take effect on November 1. Donald Trump's decision comes after China announced that it will tighten controls on the export of rare earths.
In addition, China is expanding restrictions on its exports of technology products.
- Given that China has taken this unprecedented position, the United States will impose a 100 percent tariff on China from November 1, 2025, in addition to the tariffs they currently pay, Trump writes.
The US president further writes that the United States will impose export controls on "all critical software", which will also come into effect on November 1.
The Chinese ministry has explained that the measures are to protect China's "national security and interests", the Financial Times reported. It is to prevent "misuse of materials in the military sector and other sensitive sectors".
China produces over 90 percent of the world's processed rare earths and magnets based on rare earths. Rare earths are a group of 17 metals used in, for example, electric cars, mobile phones, missile systems and other electronics.
Earlier Friday, Donald Trump wrote that he was considering raising tariffs on China. This quickly sent shockwaves through the US stock market.
The broad S&P 500 index fell 2.7 percent, while the Nasdaq index fell 3.6 percent. This is the largest single-day drop for the two stock indexes since April 10.
In a post on Truth Social earlier Friday, Donald Trump also cast doubt on whether he would still meet with Chinese President Xi Jinping in South Korea in a few weeks, where a meeting between the two is otherwise planned.
/ritzau/
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