USA’s president Donald Trump has announced that he will impose an additional tariff of 100 percent on goods from China – on top of the existing 30 percent. The measure takes effect on November 1st or earlier and marks a significant escalation after several months of a trade war truce between the two countries.
“The USA will impose a 100 percent tariff on China, on top of the tariff they already pay,” Trump wrote Friday on the social media platform Truth Social. At the same time, he announced new export controls on all critical software.
The background is China’s announced control over the export of rare earth elements – raw materials that are crucial for the production of electronics and high technology, writes CNN.
According to American media, Trump has, based on the Chinese measure, canceled a planned meeting with China’s President Xi Jinping in South Korea later this month.
The news caused the stock markets to drop significantly on Friday. The Dow Jones fell 1.9 percent, the S&P 500 retreated 2.7 percent, and the Nasdaq index lost 3.5 percent.
-emte
