President Donald Trump announced that the United States would implement new tariffs of 100% on imports from China “over and above any Tariff that they are currently paying,” effective Nov. 1. Trump also stated that the U.S., on that same date, would impose export controls on “any and all critical software.” The president’s announcement followed closely on the heels of his threat to impose “a massive increase” in tariffs on Chinese imports, a response to the new export controls that China has enacted on rare earth minerals. Approximately 70% of the worldwide supply of rare earth minerals is sourced from China. The minerals play a crucial role in high-tech sectors, encompassing automobiles, defense, and semiconductors.

Earlier on Friday, Trump indicated that he might cancel a meeting with Chinese President Xi Jinping at the forthcoming Asia-Pacific Economic Cooperation summit in South Korea due to China’s recent regulatory measures. Almost all goods brought into the U.S. from China are subject to significant tariffs. Various specific duties on imports exist, with rates varying from 50% on steel and aluminum to 7.5% on consumer goods. Presently, the effective tariff rate on Chinese imports stands at 40%, as reported by Wells Fargo. “It has just been learned that China has taken an extraordinarily aggressive position on trade by sending a notably hostile letter to the world, indicating that they will, effective November 1st, 2025, impose large-scale export controls on virtually every product they manufacture, as well as some products not even produced by them,” Trump wrote in a Truth Social post on Friday.

“This impacts every nation, without exception, and was clearly a strategy formulated by them years prior. “It is absolutely unheard of in International Trade, and a moral disgrace in dealing with other Nations,” Trump wrote. “Based on the fact that China has taken this unprecedented position, and speaking only for the U.S.A., and not other Nations who were similarly threatened, 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,” he wrote.

“Additionally, on November 1st, we will implement Export Controls on all critical software.” On Thursday, China’s Ministry of Commerce announced that beginning December 1, foreign entities will be required to obtain a license to export products containing over 0.1% of rare earths sourced from China, or those manufactured utilizing Chinese extraction, refining, magnet-making, or recycling technology.