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After months of relative calm, U.S.-China trade tensions snapped back this week, with tit-for-tat moves that rattled markets. China imposed strict new limits on rare earth exports, while Donald Trump threatened a 100% tax on Chinese imports by Nov. 1 and new controls on U.S. software; both sides added port fees. The S&P 500 logged its worst day since April as uncertainty deepened ahead of a possible Xi–Trump meeting at the APEC summit. Analysts warned the truce may be over, citing pressure on U.S. soybeans, China’s leverage in minerals, and consumers bracing for higher prices.

Prepared by Christopher Adams and reviewed by editorial team.