Trump announces 100% tariff on China as Dow Jones | Political News
President Donald Trump said Friday that he’s inserting an extra 100% tax on Chinese imports beginning on Nov. 1, doubtlessly escalating tariff charges close to ranges that in April fanned fears of a steep recession and financial market chaos.
The president said he’s imposing these new tariffs because of export controls positioned on uncommon earths by China.
Trump said on Truth Social that “starting November 1st, 2025 (or sooner, depending on any further actions or changes taken by China), the United States of America will impose a Tariff of 100% on China, over and above any Tariff that they are currently paying.”
This prompted the Dow to drop by nearly 900 factors as $1.5 trillion was wiped off the U.S. stock market.
This comes as earlier today President Donald Trump urged there’s no level in assembly with President Xi after China restricts uncommon earth exports in a prolonged Truth Social post.
Trump warned that China plans to limit exports of uncommon earth parts and other key supplies may disrupt global markets and provide chains.
Trump lamented that the transfer was an act of commerce hostility and warned that the united stateswill place larger tariffs on Chinese imports.
U.S. shares drifted to a blended end on Thursday as President Donald Trump’s tariffs taking impact on dozens of nations had only a muted impact on markets worldwide.
The S&P 500 slipped 0.1% after briefly climbing to the cusp of its all-time high during the morning. The Dow Jones Industrial Average dropped 224 factors, or 0.5%, and the Nasdaq composite rose 0.3% to a document.
Worries are high that Trump’s tariffs are damaging the financial system, significantly after last week’s worse-than-expected report on the job market. But hopes for coming cuts to rates of interest by the Federal Reserve and a torrent of stronger-than-expected revenue stories from big U.S. corporations are serving to to offset the issues, at least for now.
Trump also announced a 100% tariff on imported laptop chips, but he added “if you’re building in the United States of America, there’s no charge.”
“Large, cash-rich companies that can afford to build in America will be the ones to benefit the most,” said Brian Jacobsen, chief economist at Annex Wealth Management. “It’s survival of the biggest.”
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