Former Assistant Secretary for Worldwide Markets on the U.S. Treasury Mitchell Silk joins ‘Varney & Co.’ to debate China’s faltering economic system, the high-stakes commerce talks and the way U.S. leverage may shift the steadiness of energy.
President Donald Trump took to Reality Social Friday to announce the U.S. will impose a further 100% tariff on imports from China starting in November.
The announcement was made hours after a separate put up from Trump, during which he warned of potential new tariffs and advised canceling a gathering with Chinese language President Xi Jinping, claiming Beijing was planning sweeping export controls on uncommon earth minerals.
“Beginning November 1st, 2025 (or sooner, relying on any additional actions or adjustments taken by China), america of America will impose a Tariff of 100% on China, over and above any Tariff that they’re at the moment paying,” Trump posted to Reality Social Friday afternoon.
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President Donald Trump pumps his fist earlier than boarding Marine One on the White Home Sept. 7, 2025, in Washington, D.C. (Roberto Schmidt/Getty Pictures / Getty Pictures)
“Additionally on November 1st, we’ll impose Export Controls on any and all important software program.”
Within the Reality Social put up, Trump argued that China has taken an “extraordinarily aggressive” stance on international commerce.
TRUMP THREATENS ‘MASSIVE’ TARIFF INCREASE ON CHINA AMID DISPUTE OVER RARE EARTH MINERALS
“It has simply been realized that China has taken a very aggressive place on Commerce in sending an especially hostile letter to the World, stating that they have been going to, efficient November 1st, 2025, impose giant scale Export Controls on nearly each product they make, and a few not even made by them,” Trump mentioned.
“This impacts ALL Nations, with out exception, and was clearly a plan devised by them years in the past. It’s completely unparalleled in Worldwide Commerce, and an ethical shame in coping with different Nations.”
Chinese language President Xi Jinping takes half in a welcoming ceremony upon his arrival at an airport in Moscow, Russia, Could 7, 2025. (Alexander Vilf/Host company Ria Novosti /Handout by way of Reuters / Reuters Pictures)
The announcement got here simply hours after Trump warned of the opportunity of contemporary tariffs, claiming China had been telling different international locations it desires to impose export controls on uncommon earth minerals, that are important elements for superior applied sciences starting from semiconductors to smartphones.
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“Some very unusual issues are taking place in China!” Trump posted earlier Friday. “They’re changing into very hostile, and sending letters to Nations all through the World, that they need to impose Export Controls on every component of manufacturing having to do with Uncommon Earths, and nearly the rest they’ll consider, even when it’s not manufactured in China.”
Individuals wave the flag of China to have fun China Nationwide Day Oct. 1, 2022, in Hong Kong, China. (Keith Tsuji/Getty Pictures / Reuters Pictures)
The escalation jolted international markets on Friday, sending the S&P 500 down greater than 2%, its steepest one-day drop since April, Reuters reported.
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On Thursday, China expanded its export controls on uncommon earth components. The nation provides over 90% of the world’s processed uncommon earths and uncommon earth magnets, based on Reuters.
FOX Enterprise’ Eric Revell contributed to this report.
