In a dramatic escalation of the simmering US-China trade war, President Donald Trump has announced a 100% tariff on Chinese goods, accusing Beijing of &ldquo;extraordinarily aggressive&rdquo; actions and threatening to cancel his upcoming summit with Chinese President Xi Jinping.
The new tariffs, set to take effect from November 1, come on top of existing 30% duties imposed during Trump&rsquo;s earlier trade crackdowns. &ldquo;It is impossible to believe that China would have taken such an action, but they have, and the rest is History,&rdquo; Trump wrote on Truth Social, referring to Beijing&rsquo;s new export curbs on rare earth minerals.
Trump&rsquo;s remarks sent shockwaves through financial markets, the Nasdaq fell 3.6%, and the S&amp;P 500 slid 2.7% as investors braced for renewed tensions between the world&rsquo;s two largest economies.
Rare earth elements are vital to industries ranging from defense to clean energy, and China dominates their global supply. Trump accused Beijing of attempting to &ldquo;hold the world captive,&rdquo; calling its stance &ldquo;very hostile.&rdquo;
He also questioned his planned meeting with Xi at the APEC summit later this month. &ldquo;I was to meet President Xi in two weeks, but now there seems to be no reason to do so,&rdquo; he said, though later clarified, &ldquo;I haven&rsquo;t canceled, but I don&rsquo;t know that we&rsquo;re going to have it.&rdquo;
The White House&rsquo;s aggressive stance follows months of uneasy calm after earlier tariff disputes. Trump, however, signaled that the patience has worn thin. &ldquo;Some very strange things are happening in China! They are becoming very hostile,&rdquo; he said, accusing Beijing of &ldquo;lying in wait&rdquo; despite six months of apparent progress.
China, for its part, has retaliated with new &ldquo;special port fees&rdquo; on US-operated ships, signaling that another full-scale trade war could be brewing.

Trump Slaps 100% Tariff on China, Xi Meet in Doubt

Trade war flares as Trump hikes tariffs, threatens to cancel Xi summit

Trump Slaps 100% Tariff on China, Xi Meet in Doubt

Trade war flares as Trump hikes tariffs, threatens to cancel Xi summit

October 11, 2025 | 09:20 IST