US President Donald Trump intends to impose duties on Chinese goods from November 1 in the amount of 100% on top of the duties that are in effect now. He announced this in the Truth Social network.

"The United States of America will impose 100 percent duties on Chinese goods beginning November 1, 2025 (or earlier - depending on further actions or changes by China), on top of those duties currently in place," Trump wrote.

In addition, the U.S. will impose export restrictions on critical software starting Nov. 1, he said.

What does that mean

If Trump makes good on his threat, total fees on imports of goods from China into the U.S. will rise to 130%, Bloomberg writes. That would bring the total fees to only slightly below the 145% level Trump set earlier this year before the two countries reached a trade truce.

Context

Hours earlier, Trump accused Beijing of being "increasingly hostile" over restrictions on exports of rare earth metals, a key resource for America's technology and defense sectors. He said the U.S. was considering a significant increase in duties on Chinese imports in response, and hinted he might cancel a planned meeting with Chinese leader Xi Jinping at the APEC summit.

Escalating trade tensions between the world's largest economies led to a collapse in stocks. On October 10, the Dow Jones Industrial Average fell 1.9%. The S&P 500 lost 2.7%, showing the strongest decline since April, and the Nasdaq Composite collapsed by 3.6%.

This article was AI-translated and verified by a human editor

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