President Donald Trump stated on Friday that starting Nov. 1, the U.S. will introduce new 100% tariffs on goods imported from China in addition to all current tariffs.

Trade Tensions Escalate

In addition to the 100% tariffs on Chinese imports, Trump added that new export restrictions will impact every type of critical software the U.S. sends abroad, according to CNBC.

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Trump's statement noted that China intends to place widespread export restrictions on nearly all their products, and some they do not even manufacture. He described this as an unprecedented measure in international trade, affecting all nations and calling it a long-planned, aggressive step by China.

"It has just been learned that China has taken an extraordinarily aggressive position on Trade in sending an extremely hostile letter to the World, stating that they were going to, effective November 1st, 2025, impose large scale Export Controls on virtually every product they make, and some not even made by them," Trump wrote in a Truth Social post.

Trump’s latest announcement followed China's decision to tighten controls on the export of rare earth minerals, which are essential for a range of technology, defense, and semiconductor industries—about 70% of which are sourced from China.

The Background

Earlier on Friday, President Trump sharply criticized Beijing’s recent decision to further restrict exports, describing the move as both “hostile” and “surprising.”

He stated that China has started sending letters to various nations outlining plans for export controls covering many materials.

Trump had warned that the U.S. might be forced to retaliate with economic measures, including a “massive increase” of tariffs on imported Chinese goods.

He concluded, “For every Element that they have been able to monopolize, we have two. I never thought it would come to this but perhaps, as with all things, the time has come.”

Markets React

All major U.S. indexes fell sharply on Friday with the Invesco QQQ Trust , tracking the Nasdaq 100, down another 1.22% at $582.33 in extended trading.

Cryptocurrencies plummeted with Bitcoin (CRYPTO: BTC) down nearly 9% hovering near $110,600 and Ethereum (CRYPTO: ETH) down 14% around $3,720.00.

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