President Donald Trump stunned global markets by declaring he will impose a 100 percent tariff on Chinese imports beginning November 1, prompting a sharp sell-off across U.S. stock exchanges.
His announcement followed China’s recent tightening of export controls on rare earth minerals, which are essential components in technology and defense industries. In response, Trump also threatened export restrictions on critical U.S. software.
Investors reacted swiftly: major indexes — including the S&P 500, Nasdaq, and Dow Jones — plummeted in one of the steepest one-day selloffs in recent months. High-tech firms tied to global supply chains, such as semiconductor and electronics companies, took a heavy hit.
Trump, in a post, said there is “no reason” to move forward with an upcoming meeting with Chinese President Xi Jinping, signaling that diplomatic talks may be off the table for now.