Trump Imposes Additional 100% Tariff on Chinese Imports
US President Donald Trump announced an additional 100% tariff on Chinese imports, effective November 1, in retaliation for Beijing's "extraordinarily aggressive" moves.
The new tariffs will be imposed in addition to the existing 30% tariffs on Chinese goods, which were imposed due to Beijing's alleged aiding of the fentanyl trade and unfair trade practices.
"It is impossible to believe that China would have taken such an action, but they have, and the rest is History,"
Trump also threatened to cancel a summit with Chinese President Xi Jinping and announced US export controls on "any and all critical software". The move has reignited the trade war between the US and China, causing stock markets to fall, with the NASDAQ down 3.6% and the S&P 500 down 2.7%.
Author's summary: Trump escalates trade war with China.