TRUMP UNLEASHES FURY ON CHINA: US President Threatens 100% Tariffs on Chinese Goods in Escalating Trade War
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- Donald Trump vows to impose crippling 100% tariffs on Chinese imports from November 1, sparking fears of global economic chaos
- US stock market plummets 2.7% as investors reel from the escalating trade tensions between the world’s two largest economies
In a move that has sent shockwaves through global markets, US President Donald Trump has threatened to impose a whopping 100% tariff on Chinese goods, escalating the trade war between the world’s two largest economies. The dramatic move comes after China restricted access to rare earth minerals, prompting Trump to lash out at Beijing’s “hostile” actions.
“There seems to be no reason” to meet with Chinese President Xi Jinping, Trump wrote on social media, in a stark warning that has left investors reeling. The US President’s comments have sparked fears of a global recession, as the tariffs could push up inflation and disrupt trade between the two nations.
The restrictions on rare earth minerals, used in everything from electronics to jet engines, have been described as “shocking” and “out of the blue” by Trump. China’s move is seen as a bold retaliation to the US’s own trade restrictions, and has raised the stakes in the ongoing trade war.
In a chilling warning, Trump vowed to respond to China’s restrictions by imposing export controls on critical software from American firms. The Chinese Embassy in Washington has yet to respond to the developments, which have left the global economy on high alert.
The S&P 500 index plummeted 2.7% on Friday, marking the worst market day since April when Trump last threatened to impose massive tariffs on Chinese goods. The move has sparked fears of a global trade war, which could have devastating consequences for economies around the world.
Despite the defiant tone, Trump has a history of backing down from his threats, and investors are holding their breath to see if he will follow through on his vow. One thing is certain, however – the trade war between the US and China has just entered uncharted and treacherous territory.