President Donald Trump threatened an additional 100% tariff on Chinese imports starting Nov. 1, 2025, or sooner, after Beijing tightened export controls on rare earths. He signaled the meeting with Xi Jinping during an Asia trip may not happen, though it isn’t canceled, and said there’s time to dial back the threat. Stocks sank, with the S&P 500 down 2.7%, as tensions rose. Trump also floated U.S. export controls on critical software. Analysts said Beijing’s move was a reaction to U.S. measures but noted room for mutual de-escalation, even as other trade flashpoints and port fees loom.

Prepared by Christopher Adams and reviewed by editorial team.