Former Assistant Secretary for International Markets at the U.S. Treasury Department Mitchell Silk Joins ‘Varney & Co.’ to discuss China’s faltering economy, the high-stakes trade negotiations and how America’s balance of power could shift the balance of power.
President Donald Trump announced on Truth Social Friday that the US will impose an additional 100% tariff on imports from China starting in November.
The announcement was made hours after a separate post from Trump in which he warned of possible new tariffs and suggested canceling a meeting with Chinese President Xi Jinping, claiming Beijing is planning sweeping export controls on rare earth minerals.
“Effective November 1, 2025 (or sooner, depending on any further actions or changes by China), the United States of America will impose a 100% tariff on China, in addition to any tariff it currently pays,” Trump wrote in Truth Social on Friday afternoon.
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President Donald Trump clenches his fist before boarding Marine One at the White House on September 7, 2025 in Washington, D.C. (Roberto Schmidt/Getty Images/Getty Images)
“Also on November 1, we will impose export controls on all critical software.”
In the Truth Social post, Trump argued that China has taken an “extremely aggressive” stance toward global trade.
TRUMP THREATENS ‘HUGE’ TARIFF INCREASE ON CHINA OVER RARE EARTH MINERALS DISPUTE
“It has just been learned that China has taken an extremely aggressive stance on trade by sending an extremely hostile letter to the world stating that effective November 1, 2025, they will be imposing massive export controls on virtually every product they make, and some not even made by them,” Trump said.
“This affects ALL countries, without exception, and it was clearly a plan they came up with years ago. It is absolutely unheard of in international trade and a moral disgrace when dealing with other countries.”
Chinese President Xi Jinping takes part in a welcome ceremony upon his arrival at an airport in Moscow, Russia, May 7, 2025. (Alexander Vilf/Host agency Ria Novosti /Handout via Reuters / Reuters Photos)
The announcement came just hours after Trump warned of the possibility of new tariffs, claiming China had told other countries it wanted to impose export controls on rare earth minerals, which are crucial components for advanced technologies ranging from semiconductors to smartphones.
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“Some very strange things are happening in China!” Trump reported earlier Friday. “They are becoming very hostile and sending letters to countries around the world saying they want to impose export controls on every part of manufacturing that involves rare earths, and on pretty much anything they can think of, even if it’s not made in China.”
People wave the flag of China to celebrate Chinese National Day October 1, 2022 in Hong Kong, China. (Keith Tsuji/Getty Images / Reuters Photos)
The escalation shocked global markets on Friday, sending the S&P 500 down more than 2%, its steepest single-day drop since April, Reuters reported.
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On Thursday, China expanded its export controls on rare earth metals. According to Reuters, the country supplies more than 90% of the world’s processed rare earth metals and rare earth magnets.
