·U.S. President Donald Trump announced that starting November 1, the United States will impose a new 100% tariff on imports from China — "in addition to any existing tariffs already being paid."

·Trump also stated that on the same day, the U.S. will implement export controls on all ‘critical software.'

·The move comes as a retaliation against China's new export restrictions on rare earth minerals.

·About 70% of the world's rare earth mineral supply originates from China. These minerals are vital to high-tech industries, including automotive, defense, and semiconductors.

President Trump, speaking on Friday, reiterated that starting November 1, the U.S. would impose the 100% tariff increase on Chinese imports, stressing again that it is "in addition to the duties they already pay."

He confirmed that the same day, export controls would be introduced for "any and all critical software."

Just hours before his official announcement, Trump had threatened to impose "substantially higher tariffs" on Chinese goods in response to Beijing's new export restrictions on rare earth minerals.

China currently accounts for around 70% of global rare earth supply, essential for key sectors such as electric vehicles, defense systems, and semiconductor manufacturing.

Earlier on Friday, Trump also hinted that he might cancel his planned meeting with Chinese President Xi Jinping at the upcoming APEC Summit in South Korea, citing China's new export control measures as the reason.

Currently, nearly all Chinese imports into the U.S. face steep tariffs. Rates vary depending on the product — from 50% on steel and aluminum to 7.5% on consumer goods. However, according to analysts from Wells Fargo's Economics Department and the Federal Reserve Bank of New York, the average effective tariff rate on Chinese imports now stands at around 40%.

In a post on Truth Social, Trump wrote:

"Just learned that China has taken an extremely aggressive stance on trade, sending a hostile letter to the world stating that starting November 1, 2025, China will impose massive export controls on nearly everything it produces — and even on some products it doesn't."

He continued:

"This affects every country without exception and is clearly part of a plan made years ago. This is absolutely unprecedented in international trade and a moral disgrace in global relations."

Trump added:

"Given China's unprecedented position, and speaking solely on behalf of the United States (not other nations facing the same threats), starting November 1, 2025 — or earlier, depending on China's further actions — the United States will impose a 100% tariff on Chinese imports, not including existing tariffs."

"Additionally, beginning November 1, we will implement export controls on all critical software."

On Thursday, China's Ministry of Commerce announced that starting December 1, foreign entities exporting products containing more than 0.1% of rare earth materials originating from China, or products utilizing Chinese extraction, refining, magnet production, or recycling technologies, will be required to obtain an export license.